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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.
Which of the following statement(s) about Chargeable Lifetime Transfers is/are correct?
As per __________ of Income Tax Act, 1961 discretionary trust created through the Will is liable to Normal rates of Income Tax are as applicable to an Association Of Persons (AOP) or individual.
According to ___________ of the Registration Act, 1908 the registration of a Will is not compulsory. A suit can only be filed within ___________days after the refusal of registration by the Registrar. An oral will made by a soldier above 18 years of age will be valid for __________ while a written will be valid for ___________.
In case of Amputation through shoulder joint, what is the Percentage of Compensation given (as per Workmen’s Compensation Act)?
A client has a minor child she is concerned about what might happen if she was to die, while the child was still young and unable to sensibly handle a sizeable inheritance, one solution could be to draft her will so that the child receives the asset once reaching age 21 this is an example of
In which of the following case/cases Revocation of Power of Attorney is possible?
Shri Ganjarwala Charitable Trust (Regd.) submits the particulars of its income/outgoing for the previous year 2009-2010 as below:
The trust spends Rs. 2,77,500 during the previous year 2009-2010 for charitable purposes. In respect of Rs. 5,20,000, it has exercised its option to spend it within the permissible time-limit in the year of receipt or in the year, immediately following the year of receipt.
The trust spends Rs. 2,00,000 during the previous year 2009-2010 and Rs. 1,00,000 during the previous year 2010-2011.
Compute the tax payable on the income of the trust.
You are an Estate Planner. Mr. Arun Mittal, a HNI client asks you to explain him the number of ways to dispose of his wealth. You explain to him about the three ways of disposing wealth. He further asks you to give ranking to the methods-from most preferred to least preferred. You tell Mr. Arun that the correct order is _________________.
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.
A Henson Trust in Canadian law, is a type of trust to benefit _________________
To be qualified as a Simple Trust which of the following conditions has to be met?
Which of the following statements about Discretionary Family Trust is/are correct?
The list of managing body needs for be fixed with Registrar of Joint Stock companies
In India where the Registration Act, 1908 is in force, the Power of Attorney should be authenticated by a______________.
Your client, a businessman has a house worth Rs. 2.1 crore and a farm house worth Rs. 85 lakh. His business is worth Rs. 10 crore as per last balance sheet. He has two other partners in the business having stakes of 24% each. He has two cars purchased at Rs. 40 lakh and Rs. 20 lakh, the latter being in personal account. The cars have depreciated/market value at Rs. 30 lakh and Rs. 8 lakh respectively. His joint Demat account, wife being primary holder, has stocks worth Rs. 1.65 crore. The business has taken Keyman‟s insurance on his life of value Rs. 1.5 crore. He has himself insured his life for an assured sum of Rs. 1.5 crore. You evaluate your client’s estate in case of any exigency with his life as _____.
In case of self occupied property, higher deduction u/s24(b) for interest on loan for construction can be claimed if borrowing was made
What would be the tax liability if tea and snacks are provided in the office after office hours?
As per Muslim Law, if the husband is missing for _________ the wife may file a petition for the dissolution of her marriage. __________ of Dissolution of Muslim Marriages Act provides that that where a wife files petition for divorce under this ground, she is required to give the names and addresses of all persons who would have been the legal heirs of the husband on his death.
Mr. Syelwester Andrews, a Resident Indian, has income derived from rubber plantation in Malaysia. It shall be treated as:
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:
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 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.
Compulsory audit of account is required u/s 44AB of IT, if the total sales/ turnover exceeds _______
__________ is a arrangement wherein lessee and lessor agree to a payment schedule where for a set period of time, there is no payment and penalty.
According to__________ of the ‘Registration Act, 1908’ the registration of a Will is not compulsory.
Which of the following statement(s) about ‘Whole Life Insurance’ is/are correct?
The employer had purchased a car for Rs. 3,00,000 which was being used for official purposes. After 2 year 6 months of its use, the car is sold to R, the employee, for Rs. 1,20,000. The value of this perquisite shall be __________.
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
With reference to the Hindu Marriage Law, which of the following statement(s) is/are correct?
Mr. Raj, the intestate, leaves no brother or sister but leaves his mother and one child of a deceased sister, Mary and two children of a deceased brother, George. How will the Estate be distributed?
_________ 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.
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.
___________ 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.
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 incomes are not included for computation of taxable income of a Trust/ Society?
Competency to contract has been defined under ____________ of the Indian Contract Act,___________
A Discretionary Family Trust is one of the most common small business structures in _____________. It can operate upto ____________ in the same.
A Discretionary Trust can be formed for the benefit of ________________________
______________ 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.
Section 45 of the Insurance Act,1938 places a check on the power of insurer to avoid life policy on the ground of innocent misrepresentation after the expiry of ____________ of the policy term
Wills executed according to __________ of the _____________ are called Unprivileged Wills.
Which of the following is/are essential(s) of a valid Charitable or Religious Trust?
TESTED 28 Apr 2024
