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CTEP Exam Dumps - AAFM Certification Questions and Answers

Question # 4

X furnishes the following particulars for the compilation of his wealth-tax return for assessment year 2012-13.

Calculate the amount on which Wealth Tax is Payable.

Options:

A.

Rs. 2 lakh

B.

Rs. 9.50 lakh

C.

Rs. 17 lakh

D.

Rs. 9 lakh

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Question # 5

Deduction under section 80RRB is allowed to the extent of:

Options:

A.

50% of royalty or Rs. 3,00,000 whichever is less

B.

100% of royalty or Rs. 3,00,000 whichever is less

C.

100% of royalty or Rs. 2,00,000 whichever is less

D.

100% royalty or Rs. 5,00,000 whichever is less

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Question # 6

In_________ type of arrangement, the mortgagor binds himself to repay the mortgage money on a certain date.

Options:

A.

Simple Mortgage

B.

English Mortgage

C.

Usufructuary Mortgage

D.

Balloon Mortgage

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Question # 7

Employees Provident Fund is applicable to firms employing over _______________ employees

Options:

A.

20

B.

15

C.

10

D.

25

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Question # 8

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”.

Options:

A.

Avail HRA

B.

Rent Free Accomodation

C.

Both are Beneficial

D.

None of the Above

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Question # 9

Which of the following statement(s) about Workmen Compensation Act is/are correct?

Options:

A.

Both (i) and (ii)

B.

Only (i)

C.

Only (ii)

D.

Neither (i) nor (ii)

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Question # 10

In US for year 2013, Qualifying child relief is ___________ per child and Handicapped child relief is _____________ per child.

Options:

A.

$4,000; $8,000

B.

$10,000;$12,000

C.

$1,000; $2,000

D.

$4,000; $5,500

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Question # 11

A Discretionary Family Trust is one of the most common small business structures in _____________. It can operate upto ____________ in the same.

Options:

A.

India, 100 years

B.

Gujarat, 80 years

C.

USA, 100 years

D.

Australia, 80 years

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Question # 12

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

Options:

A.

Both (i) and (iii)

B.

All of the above

C.

All except (ii)

D.

Both (ii) and (iv)

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Question # 13

Mr. Syelwester Andrews, a Resident Indian, has income derived from rubber plantation in Malaysia. It shall be treated as:

Options:

A.

Agricultural income and hence exempt

B.

Agricultural income but taxable under the head Income from Other Sources

C.

Exempt as earned outside India

D.

Taxable in Malaysia

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Exam Code: CTEP
Exam Name: Chartered Trust & Estate Planner® (CTEP®) Certification Examination
Last Update: Feb 22, 2025
Questions: 472
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