Question 1

In US for 2013, the amount of the standard deduction is ______ for single individuals and married individuals filing separate returns

Options :

A : $8,950

B : $6,100

C : $6,000

D : $12,200

Answer: B

Question 2

_________ means the amount of _________or its equivalent value in money payable under the Muslim law annually by a Muslim during the month of Ramadan to be used for religious or charitable purposes recognized by the Muslim law.

Options :

A : Fitrah, Rice

B : Emas kahwin, Rice

C : Fitrah, Wheat

D : Emas kahwin, Wheat

Answer: A

Question 3

Which of the following statement(s) about HUF is/are incorrect?

Options :

A : Both (i) and (ii)

B : Only (i)

C : Only (ii)

D : Neither (i) or (ii)

Answer: D

Question 4

A trust created under the Married Woman Property Act, is an example of ________________.

Options :

A : Express Trust

B : Dynasty Trust

C : Constructive Trust

D : Implied Trust

Answer: C

Question 5

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_________.

Options :

A : 30%

B : 40%

C : 50%

D : Depends on the value of Trust

Answer: A