Under Pakistan's ordinary income tax system, the standard tax year ends on which date?
Correct answer: A. 30 June
- A. 30 June
- B. 31 March
- C. 31 December
- D. 30 September
Explanation
Pakistan's ordinary tax year is the twelve-month period ending on 30 June. A person may have a special tax year in approved circumstances, but that does not change the ordinary rule.
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About Taxation
Taxation covers the principles used to assess and collect taxes from individuals, businesses and transactions, with emphasis on income tax and sales tax concepts in Pakistan. Questions involve taxable income, exemptions, deductions, tax liability, withholding, returns, assessment, tax avoidance versus evasion, and the distinction between direct and indirect taxes.
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