Taxation (Individual and Corporate) MCQs

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1. What is the primary objective of taxation?





2. Which of the following is a direct tax?





3. Which tax is imposed on the profit of a company?





4. Which form is used by individuals to file income tax returns?





5. Which of the following is an example of an indirect tax?





6. Capital Gains Tax is levied on:





7. A progressive tax system means:





8. Which organization administers Federal taxes in the USA?





9. Corporate tax is based on:





10. The tax paid by a person on inherited wealth is called:





11. VAT stands for:





12. Which one of the following is exempt from tax?





13. Withholding tax is collected:





14. Dividend income is usually subject to:





15. Which tax applies to both individuals and companies on their annual earnings?





16. Corporation tax rates are generally:





17. Which expense is not deductible from taxable income?





18. The deadline for filing individual income tax returns in the USA is usually:





19. The tax imposed on goods produced within a country is:





20. Who bears the burden of indirect taxes?





21. Corporate tax liability is calculated on:





22. Which one of these is a regressive tax?





23. Tax Evasion is:





24. Tax Avoidance is:





25. Advance tax payments are also called:





26. Taxable income for an individual includes:





27. Double taxation occurs when:





28. The primary source of revenue for governments is:





29. Which of the following is not a type of Corporate Tax?





30. Which body regulates corporate taxes in Pakistan?





31. Tax holiday refers to:





32. In a corporate setting, tax planning is aimed at:





33. Which of the following is a capital receipt?





34. Corporate Social Responsibility (CSR) expenses are:





35. Which one of the following is fully exempt from taxation?





36. A company’s dividend payout is subject to:





37. Property tax is levied by:





38. Penalty for late filing of tax returns results in:





39. Which tax is paid at the time of purchase of goods?





40. What is the term for reducing tax liability through illegal means?





41. A resident individual is taxed on:





42. Which of the following is a tax incentive?





43. Tax levied on imported goods is known as:





44. Companies pay Minimum Alternate Tax (MAT) to:





45. Transfer Pricing regulations are applicable to:





46. Dividend received by shareholders is:





47. Tax Rebate means:





48. Which of the following is an ad valorem tax?





49. Zero-rated tax refers to:





50. The primary law governing corporate taxation in Pakistan is: