Summer Special 60% Discount Offer - Ends in 0d 00h 00m 00s - Coupon code: bestdeal

Get Certified: Proven Methods to Pass the AAFM CTEP Exam

Questions 111

_____________ 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:

A.

Section 11(1A)

B.

Section 11(4A)

C.

Section 21(1A)

D.

Section 21(4A)

Buy Now
Questions 112

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

CTEP Question 112

Options:

A.

None of the above

B.

Only (iv)

C.

All of the above

D.

All except (iii)

Buy Now
Questions 113

Socities Registration Act has ______________ Sections. ________________ deals with the Registration and Fee of Society.

Options:

A.

18, Section 1

B.

20, Section 3

C.

15, Section 3

D.

30, Section 1

Buy Now
Questions 114

_____________ of the Income Tax Act, 1961 provides that where a trustee receives or is entitled to receive any income on behalf of or for the benefit of any person under an Oral Trust, tax is to be charged on such income at the maximum marginal rate.

Options:

A.

Section 29C

B.

Section 161A

C.

Section 164A

D.

None of the above

Buy Now
Questions 115

What is the full form of DFT?

Options:

A.

Discretionary Foundation Trust

B.

Discretionary Family Trust

C.

Discretionary Foundation Trustor

D.

Discretionary Family Trustor

Buy Now
Questions 116

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

CTEP Question 116

Options:

A.

Both (i) and (ii)

B.

Only (i)

C.

Only (ii)

D.

Neither (i) nor (ii)

Buy Now
Questions 117

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

CTEP Question 117

Options:

A.

Neither (i) or (ii)

B.

Both (i) and (ii)

C.

Only (i)

D.

Only (ii)

Buy Now
Questions 118

__________________ is used to show what Inheritance tax is due when someone has died and _________________ is used to show what Inheritance tax is due from lifetime events.

Options:

A.

IHT 100; IHT 400

B.

IHT 200; IHT 300

C.

IHT 400; IHT 100

D.

IHT 300; IHT 200

Buy Now
Questions 119

As per US Tax Laws 2013 in case of Single Individuals, if the taxable income is above $400,001 the tax is $116,163.75 plus __________ of the excess of over $400,000.

Options:

A.

45%

B.

40%

C.

39.60%

D.

36%

Buy Now
Questions 120

In US for 2013, the amount of the standard deduction is ______ for single individuals and married individuals filing separate returns.

Options:

A.

$8,950

B.

$6,100

C.

$6,000

D.

$12,200

Buy Now