Question 1

From the following information of assets assets and liabilities, the taxable wealth for:

Options :

A : Rs. 1,10,00,000 & Rs. 40,00,000 respectively

B : Rs. 1,00,00,000 & Rs. 40,00,000 respectively

C : Rs. 1,10,00,000 & Rs. 50,00,000 respectively

D : Rs. 70,00,000 & Rs. 40,00,000 respectively

Answer: A

Question 2

If a trust is partner in a firm, the maximum rate of tax applicable is

Options :

A : 30%

B : 35%

C : 40%

D : The provisions of maximum rate of income tax would not apply

Answer: D

Question 3

The defined period for fraudulent transfers under the Bankruptcy Code was formerly ____________prior to the debtor’s filing for bankruptcy. This period was ____________ by the Bankruptcy Abuse Prevention and Consumer Protection Act of ___________.Transfers to self-settled trusts may be recaptured if made within _________ of the debtor’s filing for bankruptcy if the transfer in trust was made with the intent to hinder, delay or defraud present or future creditors.

Options :

A : One year ; Extended to two years; 2005; 10 years

B : Two years; Reduced by one year; 2005; 10 years

C : One year; Extended to two years; 2008; 15 years

D : Two years; Reduced by one year; 2008; 15 years

Answer: A

Question 4

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

Options :

A : Only (i)

B : Only (ii)

C : Both (i) and (ii)

D : Neither (i) or (ii)

Answer: C

Question 5

Deduction u/s 80-IC regarding special provisions for enterprices in special catogries states is allowed to the extent of

Options :

A : 100% of profits and gains for ten assessment years

B : 100% of profits and gains for ten assessment years in case of any undertaking or enterprise in the States of Sikkim or North Eastern Region and 50% in case of undertaking in Uttaranchal and Himachal Pradesh

C : 100% of profits and gains for ten assessment years in case of any undertaking or enterprise in the States of Sikkim or North Eastern States and 100% of profits and gains for the first 5 assessment years and 25% (30% in case of companies) for next 5 assessment years.

D : None of the these

Answer: C

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