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Which of the following statement(s) about Indian Contract Act, 1872 is/are correct?

A.

Neither (i) or (ii)

B.

Both (i) and (ii)

C.

Only (i)

D.

Only (ii)

______________ of Income Tax Act,1961 provides for the Registration of a Charitable Trust.

A.

Section 12A

B.

Section 13A

C.

Section 64A

D.

Section 65A

What is the full form of DFT?

A.

Discretionary Foundation Trust

B.

Discretionary Family Trust

C.

Discretionary Foundation Trustor

D.

Discretionary Family Trustor

Which of the following statements about the age of majority is/are correct?

A.

Only (i)

B.

Neither (i) or (ii)

C.

Both (i) and (ii)

D.

Only (ii)

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.

A.

Section 161 (4A)

B.

Section 164 (4A)

C.

Section 161 (1A)

D.

Section 164 (1A)

Which of the following statement(s) about Socities Registration Act is/are correct?

A.

Both (i) and (ii)

B.

Only (i)

C.

Only (ii)

D.

Neither (i) nor (ii)

Which of the following statement(s) about “Oddball” trusts is/are correct?

A.

Only (i)

B.

Only (ii)

C.

Both (i) and (ii)

D.

Neither (i) or (ii)

The maximum limit of net wealth not chargeable to tax under provisions of the Wealth Tax Act,________ is Rs.___________ at present.

A.

1957; 10 Lakhs

B.

1967; 15 Lakhs

C.

1957; 15 Lakhs

D.

1967; 25 Lakhs

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

A.

Only (i)

B.

Only (ii)

C.

Both (i) and (ii)

D.

Neither (i) or (ii)

As per Section 164(1) a trust for the benefit of an unborn person is liable to income tax at maximum rate of Income Tax, currently_________.

A.

30%

B.

40%

C.

50%

D.

Depends on the value of Trust