Crack4sure Logo
3 Months Free Update
3 Months Free Update
3 Months Free Update
A person is deemed to be UK resident for fiscal purposes if in any tax year he/she lives in UK for more than ____________.
With respect to the Income Tax structure in Singapore, the employment income is taxed at __________ or resident rate, whichever gives rise to a higher amount.
For tax year 2013, AMT rate is _______ up to $175,000 of Alternative Minimum Taxable Income (AMTI).
From the following information of assets assets and liabilities, the taxable wealth for:
In UK, for year 2013-2014 the Income limit for Personal Allowance is _____________ and the Personal Allowance for people born after 5 April 1948 is ___________.
In Singapore, If an individual does not agree with the assessment raised, he she have to lodge an objection in writing within ________from the date of issue of notice of assessment; otherwise the assessment will automatically become final. Singapore has entered into tax treaties with _____________.
Mr. Nitin wants to know the value of estate (before taxation) as on 1st January 2013.
Which of the following statement(s) about Workmen Compensation Act is/are correct?
Saptarshi acquired shares of G Ltd. on 15.12.98 for Rs. 5 lacs which were sold on 14.6.11 for Rs. 19 lacs.
Expenses on transfer of shares Rs. 40,000. He invests 8 lacs in the bonds of Rural Electrification. Corporation Ltd. on 16.10.2011. Compute capital gain for the assessment year 2012-13.
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
Which of the following statement(s) about Benami Transaction is/are correct?
Exhibit:
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).
Mr. Kadam is entitled to a salary of Rs. 25,000 per month. He is given an option by his employer either to take house rent allowance or a rent free accommodation which is owned by the company. The HRA amount payable was Rs. 5,000 per month. The rent for the hired accommodation was Rs. 6,000 per month at New Delhi. Advice Mr. Kadam whether it would be beneficial for him to avail HRA or Rent Free Accommodation. Give your advice on the basis of “Net Take Home Cash benefits”.
Which of the following statement(s) about ‘Knock for Knock Agreement’ is/are correct?
In case of Loss of Thumb, what is the Percentage of Compensation given (as per Workmen’s Compensation Act)?
X Ltd. has failed to remit the tax deducted at source from annual rent of Rs. 6,60,000 paid to Mr. A for its office building. The said rent is
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.
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:
Mr. Sumit is an employee of Genesis Ltd. His basic pay is Rs.24,000 p.a., Dearness Allowance Rs.12,000 p.a; Medical Allowance (fixed) Rs.10,000 p.a.; Conveyance Allowance Rs.6,000 p.a.; Professional Tax deducted from his salary Rs.1,000 p.a.; Free lunch provided during office hours valued at Rs.12,000 for a 300-working day year; free education for two children in a school owned and maintained by the employer – school tuition fee for both the children is estimated at Rs.18,000 p.a.
What is Net Income of Mr. Sumit and examine whether he is a specified or non-specified employee?
Which of the following statement(s) about Uniform Gifts to Minor Act (UGMA) is/are correct?
One of the essential condition for obtaining exemption of the income of a charitable trust is that at least_____________ of the income should be applied for charitable purposes in India with certain exceptions and exemptions.
Which of the following Trust is employed by the law as an “Equitable Remedy”?
Under _______________ of the Transfer of Property Act, a transfer of property can legally be made for the benefit of an unborn person.
A person purchased certain property in the name of his minor son and subsequently resold it while the son was minor. This sale is ___________________
A trust created under the Married Woman Property Act, is an example of ________________.
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.
The accounts of the Trust should be audited where the income (including corpus donations) exceeds ______________. One of the essential condition for obtaining exemption of the income of a Charitable Trust is that at least _______ of the income should be applied to charitable purposes in India.
As per ______________ of the Indian Trust Act, the subject matter of a trust must be properly transferable to the beneficiary.
Private Sector hospitals, which are formed under a trust as a society, would be exempt from the tax if the annual receipts of such hospital or institution do not exceed _______________ as per Section 10(23(C).
Wealth Tax is charged at _________ the amount by which the net amount exceeds Rs. ____________________
Private Companies have a minimum paid up capital of _______________ or such higher capital as may be prescribed.
In case of Amputation through shoulder joint, what is the Percentage of Compensation given (as per Workmen’s Compensation Act)?
_________________ can be used as an alternative to the outright gift and ___________ can be used as an alternative to a traditional short term pledge.
As per Payment of Gratuity Act, Gratuity shall be payable to an employee after he has rendered continuous service for not less than __________
Which of the following statement(s) about ‘Whole Life Insurance’ is/are correct?
There are______ key estate planning strategies to transfer wealth efficiently. In a Granted Retained Annuity Trust, annuity payments are determined in relation to IRS benchmark interest rate called ____________ rate.
In context to Workmen’s Compensation Act, any claim for the compensation should be made within _________ of the occurrence of the accident or from the date of death.
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___________
Which of the following statement(s) about Power of Attorney is/are correct?
Which of the following comes under Non-Financial Goals of Estate Planning?
TESTED 29 Apr 2024
