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Free AAFM CTEP Practice Exam with Questions & Answers | Set: 11

Questions 101

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

CTEP Question 101

Options:
A.

Both (i) and (ii)

B.

Only (i)

C.

Only (ii)

D.

Neither (i) nor (ii)

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Questions 102

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

CTEP Question 102

Options:
A.

Neither (i) or (ii)

B.

Both (i) and (ii)

C.

Only (i)

D.

Only (ii)

Questions 103

________________ is a popular mode of transfer of property to God or Almighty, under the Mohammedean Law.

Options:
A.

SheBaitsor Trust

B.

Mutawali Trust

C.

Dedicated Trust

D.

Waqf

Questions 104

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

Options:
A.

Rs 1,00,000

B.

Rs 1,50,000

C.

Rs. 2,50,000

D.

None of the above

Questions 105

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

Options:
A.

A minor creating Trust for Would-be-Husband

B.

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

C.

A married person creating trust for Would-be-Daughter

D.

Both a and b

Questions 106

For Registration of Charitable Trust an application should be submitted with Covering Letter, Court Stamp of ___________ and Certified True Copy of Trust Deed. The application should be made within _________ of creation of Trust. The application should be in Form as specified in _____________ under ____________ and duly notarized.

Options:
A.

Rs.1, 1 month, Schedule I, Rule 1

B.

Rs.10, 1 month, Schedule II, Rule 1

C.

Rs.2, 3 months, Schedule II, Rule 6

D.

Rs.100, 3 months, Schedule I, Rule 2

Questions 107

Which of the following is/are advantage(s) of Trust?

CTEP Question 107

Options:
A.

Neither (i) or (ii)

B.

Both (i) and (ii)

C.

Only (i)

D.

Only (ii)

Questions 108

The application for Registration of Trust has to be made in the prescribed Form No. _______________ to the Chief Commissioner of Income Tax or the Commissioner of Income Tax of the area concerned.

Options:
A.

Form 1A

B.

Form 1B

C.

Form 10A

D.

Form 10B

Questions 109

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

CTEP Question 109

Options:
A.

Only (i)

B.

Neither (i) or (ii)

C.

Both (i) and (ii)

D.

Only (ii)

Questions 110

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

CTEP Question 110

Options:
A.

All except (i)

B.

All except (ii)

C.

Only (iii)

D.

All of the above