Pass the AAFM Certification CTEP Questions and answers with ExamsMirror

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

Dinesh is entitled to a basic salary of Rs. 5,000 p.m. and dearness allowance of Rs. 1,000 per month, 40% of which forms the part of the retirement benefits. He is also entitled to HRA of Rs. 2,000 per month. He actually pays Rs. 2,000 per month as rent for a house in Delhi. Compute the taxable HRA.

Which of the following statement(s) about Hindu Adoption and Maintenance Act, 1956 is/are correct?

Which is not the condition for getting superannuation fund approved?

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:

The legal heir of the deceased who receives family pension is allowed a standard deduction from such family pension received to the extent of:

Which of the following statement(s) about Reverse Mortgage Scheme is/are correct?

In case of Loss of Thumb, what is the Percentage of Compensation given (as per Workmen’s Compensation Act)?

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?

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: