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Questions 91

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

CTEP Question 91

Options:

A.

Only (i)

B.

Only (ii)

C.

Neither (i) or (ii)

D.

Both (i) and (ii)

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Questions 92

Which of the following is/are essential(s) of a valid Charitable or Religious Trust?

CTEP Question 92

Options:

A.

All of the above

B.

Only (ii) and (iii)

C.

All except (iv)

D.

Only (i) and (iv)

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Questions 93

Which of the following statements about Discretionary Trust is/are correct?

CTEP Question 93

Options:

A.

Both (i) and (ii)

B.

Only (i)

C.

Only (ii)

D.

Neither (i) nor (ii)

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Questions 94

Under provisions of _________________ it is provided that the profits and gains of business of a private trust is chargeable to income tax at the maximum marginal rate with effect from Assessment Year 1985-1986.

Options:

A.

Section 161 (4A)

B.

Section 164 (4A)

C.

Section 161 (1A)

D.

Section 164 (1A)

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Questions 95

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:

A.

Only One

B.

One or more

C.

Maximum two

D.

Any Number Of

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Questions 96

A written instrument is necessary when a Trust is created in relation to an immovable property of the value of ______________ and upwards.

Options:

A.

Rs 1,00,000

B.

Rs. 100

C.

Rs. 10,000

D.

Rs, 10,00,000

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Questions 97

If a trust is partner in a firm, the maximum rate of tax applicable is

Options:

A.

30%

B.

35%

C.

40%

D.

The provisions of maximum rate of income tax would not apply.

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Questions 98

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

CTEP Question 98

Options:

A.

Both (i) and (ii)

B.

Neither (i) or (ii)

C.

Only (i)

D.

Only (ii)

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Questions 99

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

CTEP Question 99

Options:

A.

All of the above

B.

Only (iv)

C.

Both (ii) and (iv)

D.

None of the above

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Questions 100

______________ of the Income Tax Act provides for the registration of a Charitable Trust. _____________ of the Income Tax Act contains the provision that the profits and gains of the business carried on by a charitable trust would be fully exempt from tax if it is attains the objects of the trust.

Options:

A.

Section 12A, Section 11 (4A)

B.

Section 11A, Section 12 (4A)

C.

Section 12A, Section 11 (2A)

D.

Section 11A, Section 12 (2A)

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