CAF-2 · Chapter 8 · Question 1 of 15
Which of the following is explicitly EXCLUDED from the definition of a "depreciable asset" under Section 22 of the Income Tax Ordinance, 2001?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) C) Unimproved land
Explanation
"Depreciable asset" includes tangible movable property, immovable property, or structural improvement to immovable property. It explicitly excludes unimproved land.
More Income from Business - Part Two MCQs
- Q3Which of the following assets is ELIGIBLE to claim the Initial Allowance of 25% under Section 23?
- Q4XYZ Ltd purchased a luxury vehicle (a passenger transport vehicle not plying for hire) for its CEO for Rs. 10,000,000. What cost will be…
- Q5A manufacturing company purchased and installed a new machine for Rs. 1,000,000 during the tax year. Assuming the normal depreciation rate…
- Q6A motor vehicle costing Rs. 2,000,000 is used 60% for business and 40% for the personal use of a director. Normal depreciation is 15%…
- Q7A depreciable asset (machinery) previously used in Pakistan was exported to the USA. The original cost was Rs. 35 million and its WDV at…