Explanation

• The financial year of Pakistan starts on 1 July.
• It ends on 30 June of the next year.
• This period is used for budget and tax calculations.
• It is also called the fiscal year.
• Government budgets are announced according to this cycle.

Last verified on 30-04-2026

Explanation

Objective Resolution was presented it in the assembly on March 7, 1949

Passed on: March 12, 1949

It was presented by Liaquat Ali Khan

Out of 75 members of the assembly, 21 voted for it.

The resolution, in its entirety, has been made part of the Constitution of Pakistan under Article 2(A)

The objective resolution means: The Objective on which the constitution was to be based

The objective resolution aimed to: Frame the constitution based on the Islamic concept of the sovereignty of God

Explanation

Income tax ordinance, 2001 became effective from 1st July 2002.

Explanation

The national income of a country can be measured by three alternative methods:

(i) Product Method

(ii) Income Method, 

(iii) Expenditure Method.

Explanation

There are how many schedules included in income tax ordinance 2001 

Explanation

Majority of the revenue collected by the government is in the forms of taxes i.e. both direct taxes  and indirect taxes .

Explanation

National Income is the total income value of the goods and services produced by the residents of a country, usually during the period of one year. 

Explanation

Disposable income is net income. It's the amount left over after taxes. ·

Discretionary income is the amount of net income remaining after all basic necessities .

Explanation

The Federal Excise Act, 2005, was promulgated with effect from 1st July, 2005, repealing the Central Excises Act, 1944.

Explanation

The Federal Excise Act, 2005, was promulgated with effect from 1st July, 2005, repealing the Central Excises Act, 1944.