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Assessments and Audit - Section Wise MCQs

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120. Assessments.-

Q#1. When a taxpayer shall be considered to get an assessment of taxable income?

1.      Where a taxpayer has furnished a complete return of income for a tax year.
2.      Where a taxpayer has furnished a complete revised return of income for a tax year.

Q#2. In case of incomplete filing of return, a Commissioner shall issue a notice to the taxpayer

1.      after the financial year in which the return was furnished
2.      within the financial year in which the return was furnished

121. Best judgement assessment.-

Q#3.  If a taxpayer is failed to file a return of income or FTR statement or wealth statement or failed to produced before CIT accounts, documents and records, what kind of assessment a commissioner can made?

1.      Provisional Assessment.
2.      Final Assessment
3.      Best Judgment assessment

Q#4. After making a best Judgment assessment, the Commissioner is required to issue the assessment order to the taxpayer stating (a) the taxable income; (b) the amount of tax due; (c) the amount of tax paid, if any; and (d) the time, place and manner of appealing the assessment order within

1.      Four years after the end of the tax year or the income year to which it relates.
2.      Five years after the end of the tax year or the income year to which it relates.
3.      Six years after the end of the tax year or the income year to which it relates.

122. Amendment of assessments.-

Q#5. The Commissioner may amend an assessment order by making such alterations or additions as the Commissioner considers necessary. What is the time limit of amending the assessment a Commissioner has?

1.      Assessment can be amended by the Commissioner after the expiry of five years from the end of the financial year in which the Commissioner has issued or treated to have issued the assessment order to the taxpayer.
2.      Assessment can be amended by the Commissioner after the expiry of Six years from the end of the financial year in which the Commissioner has issued or treated to have issued the assessment order to the taxpayer.




Q#6. Can a CIT has the power to make further amendments, as many times as may be necessary. If yes, what is the time restriction?

Answer:
Within the later of
1.      5 years from the end of the financial year in which the Commissioner has issued or is treated as having issued the original assessment order to the taxpayer; or
2.      1 year from the end of the financial year in which the Commissioner has issued or is treated as having issued the amended assessment order to the taxpayer.

Q#7. What are the circumstances when an assessment can be amended or further amended by the CIT

Answer:
Only when
1.      CIT is of the view that the assessment order is prejudicial to the interest of revenue or
2.      The income tax ordinance has incorrectly been applied in the original assessment or
3.      CIT has definite information that income declared is incorrect including concealment of income or furnishing of inaccurate particulars.

122A.Revision by the Commissioner.-

Q#8. The Commissioner may call for the record of any proceeding in which an order has been passed by

1.      Any Officer of Inland Revenue including the Commissioner (Appeals).
2.      Any Officer of Inland Revenue other than the Commissioner (Appeals).

Q#9. The Commissioner shall not revise any order if-

1.      The assessment is under the appeal.
2.      The assessment is not under the appeal.

122B. Revision by the Regional Commissioner.-

Q#10. Who can call for the record of any proceedings relating to issuance of an exemption or lower rate certificate with regard to collection or deduction of tax at source?

1.      The Regional Commissioner
2.      The Officer of Inland Revenue 

122C. Provisional assessment.-

Q#11. What kind of assessment, the commissioner can make where a taxpayer fails to file a return of income in response to notice issued by the commissioner?

1.      Revised Assessment
2.      Amended Assessment
3.      Provisional Assessment

Q#12. Where a concealed asset of a person is impounded by any government agency which, in the opinion of the commissioner, was acquired from taxable income, what kind of first assessment a commissioner can make before final assessment?

1.      Revised Assessment
2.      Amended Assessment
3.      Provisional Assessment

124. Assessment giving effect to an order.-

Q#13. If the assessment or amendment is to be made on the instructions of any appellate authority, at what time the commissioner shall issue the order?

1.      Within 1 year from the end of the financial year in which the commissioner is served with the appellate order.
2.      Within 2 years from the end of the financial year in which the commissioner is served with the appellate order.
3.      Within 3 years from the end of the financial year in which the commissioner is served with the appellate order.

Q#14. Where direct relief is provided in an appellate order, at what time the commissioner shall issue the appeal affect order?

1.      Within 1 month from the end of the financial year in which the commissioner is served with the appellate order.
2.      Within 2 months from the end of the financial year in which the commissioner is served with the appellate order.
3.      Within 3 months from the end of the financial year in which the commissioner is served with the appellate order. 

124A. Powers of tax authorities to modify orders, etc.

Q#15. Where a question of law has been decided by a High Court or the Appellate Tribunal in the case of a taxpayer, the Commissioner may

1.      not follow the said decision in respect of an identical situation in the subsequent years of the said taxpayer even if the department has filed an appeal against such decision.
2.      follow the said decision in respect of an identical situation in the subsequent years of the said taxpayer even if the department has filed an appeal against such decision.

125. Assessment in relation to disputed property.-

Q#16. Where the ownership of any property the income from which is chargeable to tax under this Ordinance is in dispute in any Civil Court in Pakistan, at what time an assessment order or amended assessment order in respect of such income may be issued?

1.      at any time within one year after the end of the financial year in which the decision of the Court is made.
2.      at any time within two year after the end of the financial year in which the decision of the Court is made.

177. Audit

Q#17. The Commissioner may call for any documents including books of account for conducting audit of any person of any previous

1.      5 years
2.      6 years
3.      7 years

Q#18. Where the person fails to produce any accounts, document or other evidence required for audit purpose, what kind of assessment the commissioner can make?

1.      Revised assessment
2.      Provisional assessment
3.      Best Judgment assessment

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posted @ 10:51 AM,

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