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A member is defined under ___________ of the Societies Registration Act and a Governing body is defined under_______________ of the Societies Registration Act.
Which of the following is/are essential(s) of a valid Charitable or Religious Trust?
The Gift Tax Act came into force on _________________ and was deleted vide the Finance Act,__________.
Which of the following is an essential condition for obtaining exemption of the income of a Charitable Trust?
_______________ is a Life Insurance Trust with certain provisions that allows gifts to the trust to qualify for the annual gift tax exclusion.
In context of Hindu Adoptions and Maintenance Act,1956 if a person has more than one wife living at the time of adoption
An assessee was allowed deduction of unrealized rent to the extent of Rs. 40,000 in the past although the total unrealized rent was Rs. 60,000. He is able to recover from the tenant Rs.45,000 during the previous year on account of such unrealized rent. He shall be liable to tax to the extent of:
Compulsory audit of account is required u/s 44AB of IT, if the total sales/ turnover exceeds _______
As per Workmen’s Compensation Act, in case there is default in paying compensation .
As per the Ancient Hindu Law, there are ____________ Vedas. Scholars have determined that ___________ is the oldest of the Vedas.
A High Net Worth Individual (HNI) should hold at least _______ in liquid financial assets.
Which of the following statement(s) about ‘Whole Life Insurance’ is/are correct?
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.
___________ is the submission of a disputed matter to an impartial person.
_____________ allows you to contribute cash but you will not receive tax deduction at the time of contribution.
Registration of Power of Attorney is __________in India. If Power of Attorney is in respect of immovable property of value more than __________ it must be registered.
Which of the following statement(s) about Power of Attorney (POA) is/are correct?
For which of the following stage of Business Cycle a succession plan is not prepared?
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”.
According to__________ of the ‘Registration Act, 1908’ the registration of a Will is not compulsory.
___________ is appropriate for donors who want to see their charitable dollars at work during their lifetimes.
_________________ can be used as an alternative to the outright gift and ___________ can be used as an alternative to a traditional short term pledge.
There are ______ steps in Selling process. The last step in Selling Process is ____________.
_________ is the most appropriate method for donors who prefer to make gifts at the end of their life and _________ is the most appropriate method for donors who prefer to give gifts during their lifetime.
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___________
There are__________ methods of Business valuation.Out of these methods,___________ method applies discount rate to determine the valuation of the business.
There are __________ types of Insurance policies which are used in Estate Planning.
In case one wants to sell his/her business interest __________ and __________ are not appropriate.
A person is deemed to have attained majority on completion of __________________ in case where a guardian of a minor’s property is appointed under the Guardian and Wards Act,1890.
You are an Estate Planner. A client gives you the following information (given below in Table).
You are required to make Quick Estimate of Estate’s liquidity. All figures are in Rupees. The estimate in this case is ______________
You are an estate planner. A couple has jointly owned company. They have three children out of which one is disabled. As an estate planner, which Estate planning would you suggest to the couple, so as to enable them to transfer wealth efficiently to their children.
Where a transfer of value is from a UK-domiciled spouse to a non-UK domiciled spouse, then the exempt transfer is limited to ________. For annual exemption, each individual can transfer an exempt amount of up to________ per year.
In US, the amount of standard deduction is __________ for married individuals filing a separate return.
Lokesh 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/-. As a CTEP 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).
Which of the following is allowed as deduction from net annual value of a property?
There are ______________ sources of Muslim Law. As per Muslim Law, a marriage that is unlawful from it’s beginning is called ____________.
As per Hindu Adoptions and Maintenance Act, 1956, which of the following statement(s) is/are correct?
Which of the following statement(s) about Workmen Compensation Act is/are correct?
What would be the tax liability if tea and snacks are provided in the office after office hours?
______________ means a contract in which advance payment is made for good to be delivered later on. ____________ is a special kind of partnership where one partner gives money to the other for investing it in a commercial enterprise.
Compute Gross Total income and amount of loss allowed to be carried forward to next year:
Scholarship received by a student was Rs. 2,000 per month. He spends Rs. 15,000 for meeting the cost of education during the year. The treatment for the balance amount Rs. 9,000 is:
Bijoy traced a missing person and was awarded a sum of Rs. 35,000. Although there was no stipulation to that effect, such receipt shall be:
In ____________ the parties have the right to withdraw from the contract as long as the parties do not leave the place of contract. In___________ the buyer could cancel the sale if the seller has sold the goods at price higher than the market price.
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.
In_________ type of arrangement, the mortgagor binds himself to repay the mortgage money on a certain date.
With respect to Workmen’s Compensation Act, if distinction is made on the ground of duration of incapacity it may extend to
Employees Provident Fund is applicable to firms employing over _______________ employees
Which of the following statement(s) about ‘Doctrine of Subrogation’ is/are correct?
As per Payment of Gratuity Act, Employees are entitled to ___________ terminal wages as gratuity for each year of completed service or part thereof in excess of 6 months. Seasonal employees are entitled to __________ terminal salary for each season of service.
Short-term capital gain arising for the transfer of equity shares and units of equity oriented fund shall be taxable
Mr. Sahil has two daughter and is in receipt of education allowance of Rs 200 per month for each of them. What would be the taxable allowance in the hands of Mr. Sahil for the full FY.
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).
Which of the following statement(s) about Investment Trust is/are correct?
________________ is a popular mode of transfer of property to God or Almighty, under the Mohammedean Law.
______________ 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.
A Discretionary Family Trust is one of the most common small business structures in _____________. It can operate upto ____________ in the same.
An Oral Trust is deemed to be a written trust if a statement in writing is forwarded to the Assessing Officer within _________________ from the date of declaration of the trust.
Which of the following statements about Discretionary Family Trust is/are correct?
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.
Which of the following statements about the age of majority is/are correct?
Which of the following statement(s) about Indian Contract Act, 1872 is/are correct?
_____________ 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.
Which of the following statements about Discretionary Trust is/are correct?
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.
As per Section 164(1) a trust for the benefit of an unborn person is liable to income tax at maximum rate of Income Tax, currently_________.
In Singapore, if the tax is not paid by the due date, a ________penalty and _________additional penalty per month. In addition, IRAS may take recovery action.
In US, a separate rate structure applies to capital gains and dividends. Under present law, for 2013, the maximum rate of tax on the adjusted net capital gain of an individual is 20 percent for singles earning over __________and couples earning over _______________.
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.
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:
Tax rate on foreign sourced income in Singapore is ____ to _______ subject to conditions.
Under English law, an individual acquires at birth the domicile of the person on whom he or she is legally dependent, which the individual retains until reaching the age of _____________.
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 _____________.
You are a Trust and Estate Planner. Mr. Keith is your client. He is 45 years old. He asks you that in case he wants to leave assets for the life benefit of his spouse, but ultimately have the funds pass to his children by a prior marriage he should create ______________________. He further asks you to explain disadvantages of such arrangement. You tell him that the disadvantages of the arrangement are ____________ of the given options.
Given below are certain acts. Fill in the blanks with their respective year of enactment.
Power of Attorney Act ______________
Indian Evidence Act ______________
Muslim Women (Protection of Rights on Divorce) Act ______________
Indian Divorce Act ______________
Which of the following statement(s) about Registration of Will is/are correct?
US citizens or permanent resident who has established a foreign tax home and has met certain qualifications can elect to exclude annual foreign earned income up to _________from taxable income in 2013.
Mr. Shikar wants to invest his savings in an account that pays an interest rate of 9.25% p.a. compounded annually at different ages of his son whose current age is 4 years. Please calculate for him the Future Value of these investments when his son turns 18.
___________ of the Hindu Succession Act, 1956, elaborately declares that it applies to any person, who is a Hindu by religion in any of its forms or developments, including a Virashaiva, a Lingayat or a follower of Brahmo, Prathana or Arya Samaj, a Buddist, Jain or Sikh.
In US, GST exemption limit for 2013 is _______________ and the Estate and Gift tax for the same year is __________.
"From the following information of assets assets and liabilities, the taxable wealth for:
Which of the following statement(s) about Offshore Investment Bond is/are correct?
If there default of distribution under the rules of Intestate Succession Act (Singapore) _______________ shall be entitled to whole of the estate.
Where a transfer of value is from a UK-domiciled spouse to a non-UK domiciled spouse, then the exempt transfer is limited to ____________
TESTED 12 Sep 2025
