AAFM CTEP Exam Questions Free Practice Test

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Questions # 131:

_____________ of the Income Tax Act,1961 contains the provision that the profits and gains of the business carried on by a Charitable Trust would be fully exempt from tax.

Options:

Section 11(1A)

Section 11(4A)

Section 21(1A)

Section 21(4A)

Expert Solution

Questions # 132:

Which of the following statement(s) about Discretionary Trust is/are correct?

Question # 132

Options:

All of the above

All except (i)

All except (iii)

Only (ii)

Expert Solution

Questions # 133:

A person can create _________________ living trust/trusts while he is alive and the assets can be transferred to it/them as desired by the person.

Options:

Only One

One or more

Maximum two

Any Number Of

Expert Solution

Questions # 134:

Which of the following is/are ancillary benefit(s) of Discretionary Family Trust?

Question # 134

Options:

All except (i)

All except (ii)

Only (iii)

All of the above

Expert Solution

Questions # 135:

Which of the following structure of Unborn Trust is not valid?

Options:

A minor creating Trust for Would-be-Husband

An unmarried person creating trust for Would-be-Mother-in-Law

A married person creating trust for Would-be-Daughter

Both a and b

Expert Solution

Questions # 136:

Is there any default for not/late filling of wealth tax returns?

Options:

Nil, there is no default for not/late filling of wealth tax returns as you can file at the end date of any quarter.

Yes, penal interest at the rate of 1% every month or part of the month of delay is chargeable for Non/Late filling of Return.

Yes, penal interest at the rate of 2% per month of the part of the month of delay is chargeable for Non/Late filling of return.

Nil, there is no default for not/late of wealth tax returns as the Wealth tax is deducted at source.

Expert Solution

Questions # 137:

Which of the following is/ are disadvantage(s) of a Will?

Question # 137

Options:

All of the above

Only (iv)

Both (ii) and (iv)

None of the above

Expert Solution

Questions # 138:

As per ___________ of the Indian Trusts Act, a trust can be created by every person competent to contract.

Options:

Section 7(A)

Section 7(B)

Section 17(A)

Section 17(B)

Expert Solution

Questions # 139:

An Oral Trust is deemed to be a written trust if a statement in writing is forwarded to the Assessing Officer within _________________ from the date of declaration of the trust.

Options:

3 months

6 months

9 months

1 year

Expert Solution

Questions # 140:

A Diety is entitled to initial exemption of __________________ in respect of its income.

Options:

Rs 1,00,000

Rs 1,50,000

Rs. 2,50,000

None of the above

Expert Solution

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