Pass the AAFM Certification CTEP Questions and answers with ExamsMirror

Which of the following is/are advantage(s) of Trust?

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 Public charitable or religious institution can be formed either as a Trust or as a Society or as a Company registered under _____________ of the Companies Act.

Which of the following is/are essential(s) of a valid Charitable or Religious Trust?

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.

Which of the following statement(s) about “Special Needs Trust” is/are correct?

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).

______________ 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.

Which of the following statement(s) about Inheritance Tax is/are correct?

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.