Exact2Pass
Which of the following statement(s) about ‘Knock for Knock Agreement’ is/are correct?
Which of the following statement(s) about Workmen Compensation Act is/are correct?
The income of any university or other educational institution existing solely for educational purposes and not for the purposes of profit is exempt under clause (iiiad) of Section 10(23C) if the aggregate annual receipts’ of such university or educational institution do not exceed
Mr. Subhash Bansal, a marketing manager is employed with IMFB limited. He took an advance of Rs. 1,20,000 against the salary of Rs. 30,000 per month in the month of March 2007. The gross salary of Mr. Adhikari for the assessment year 2012-13 shall be:
Which of the following statement(s) about ‘Doctrine of Subrogation’ is/are correct?
Mukul purchased a flat on 1-4-1996 for Rs. 10,00,000/-. He sells the same flat on 1-10-2006 for Rs. 25,00,000/-. Please calculate the Indexed Cost of Acquisition on which capital gain would be calculated. (The CII of year 1995-96 is 281, for year 1996-97 is 305, for year 2005-06 is 497 and for year 2006-07 is 519).
R acquired a property by way of gift from his father in the previous year 1991-92 when its FMV was Rs. 3 lakh. The father had acquired the property in the previous year 1983-84 for Rs. 2 lakh. This property was introduced as capital contribution to a partnership firm in which R became a partner on 10/06/2011. The market value of the asset as on 10/06/2011 was 10 lakh, but it was recorded in the books of account of the firm at Rs. 8 lakh. Compute the capital gain chargeable in the hands of R.
Which of the following statement(s) about Hindu Adoption and Maintenance Act, 1956 is/are correct?
A salaried individual, aged 45 years, was awarded a car of market value Rs. 6,50,000 by his credit card company in a draw on 20th December 2012. There was no TDS by the company. He has total income from salary of Rs. 8,45,000 in the previous year 2012-13. He saved a total of Rs. 1,80,000 under different investment instruments eligible for exemption u/s 80C and Rs. 25,000 was paid by him on 5th January, 2013 towards his health insurance policy. Find his tax liability for AY2013-14.
With reference to the Hindu Marriage Law, which of the following statement(s) is/are correct?
Compute Gross Total income and amount of loss allowed to be carried forward to next year:
Pushkar completed the construction of a house property on 14.8.2008 with borrowed capital of Rs.8,00,000 @ 12%. The loan was taken on 1.4.2006 and is still outstanding. The house was used for his own residence during the entire FY 2012-13. Deduction U/S 24(B) for interest on borrowed capital for PY shall be
Which of the following is/are ancillary benefit(s) of Discretionary Family Trust?
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.
The Gift Tax Act came into force on _________________ and was deleted vide the Finance Act,__________.
A person purchased certain property in the name of his minor son and subsequently resold it while the son was minor. This sale is ___________________
_____________ 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.
Under _______________ of the Transfer of Property Act, a transfer of property can legally be made for the benefit of an unborn person.
Which of the following incomes are not included for computation of taxable income of a Trust/ Society?
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.
A Discretionary Family Trust is one of the most common small business structures in _____________. It can operate upto ____________ in the same.
Tax rate on foreign sourced income in Singapore is ____ to _______ subject to conditions.
During the PY 2008-09 a charitable trust earned an income of Rs. 5 lakh out of which Rs. 3 lakh was received during the PY 2008-09 and the balance Rs. 2 lakh was received during the PY 2010-2011.To claim full exemption of Rs. 5 lakh in the PY 2008-09, state:
When a deceased dies issueless leaving a widow there is no question of a deemed partition under ___________ of the Hindu Succession Act.
In case of a HUF whose manager has not been resident in India in nine out of ten previous years preceding the previous year or has, during the ________previous years preceding that year, been in India for a total __________or less, such HUF is to be regarded as Not Ordinarily Resident within the meaning of the Income-tax Act, 1961.
With respect to tax structure in Singapore, if Personal Income is from $120,000–$160,000 the tax rate is __________
Which of the following statements about Earned Income Tax Credit (ETIC) is are correct?
A Henson Trust in Canadian law, is a type of trust to benefit _________________
In US the exemption amount for Alternative Minimum Tax in the case of estate or trust is _________. The same in the case of married individuals filing a joint return and surviving spouses is ______________.
The Inland Revenue Authority of Singapore (IRAS) was established on ___________, by legislation as a statutory board under the Ministry of Finance.
In US, GST exemption limit for 2013 is _______________ and the Estate and Gift tax for the same year is __________.
________________ is not a type of last Will and testament, although is an important part of any good estate plan.
_____________ is for Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and___________ if for Certificate of Foreign Government or Other Foreign Organization for United States Tax Withholding.
A Hindu Undivided Family (HUF) is a separate entity for taxation under the provisions of _________of the Income Tax Act, 1961.
Under ___________ of Income Tax Act,1961, partial partitions will not be recognized for tax purposes.
Which of the following statement(s) about ‘Whole Life Insurance’ is/are correct?
Which of the following comes under Non-Financial Goals of Estate Planning?
_____________ allows you to contribute cash but you will not receive tax deduction at the time of contribution.
Estate Planning Process is eight-step procedure that a manager has to follow. The Eight Steps are as given below (not in any order)
The correct order is
There are ______ steps in Selling process. The last step in Selling Process is ____________.
As per Payment of Gratuity Act, Gratuity shall be payable to an employee after he has rendered continuous service for not less than __________
There are ______types of Charitable Trust. Out of these, in ________________ the value of assets are protected against inflation as the payouts vary with the asset value.
You are an Estate Planner. Your Client asks you that if he wants to give business to his children which method is not appropriate. He further asks you which method can help him control the size of this gift through his will. Your reply would be___________
