Free AAFM CTEP Exam Questions

Become AAFM Certified with updated CTEP exam questions and correct answers

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Total 475 Questions | Updated On: Mar 28, 2025

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Question 1

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

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

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

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

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

Answer: A

Question 2

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

A : ly (i)

B : ly (ii)

C : th (i) and (ii)

D : ither (i) or (ii)

Answer: C

Question 3

_________ 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.

A : trah, Rice

B : as kahwin, Rice

C : trah, Wheat

D : as kahwin, Wheat

Answer: A

Question 4

The application for Registration of Trust has to be made in the prescribed Form No. _______________ to the Chief Commissioner of Income Tax or the Commissioner of Income Tax of the area concerned.

A : rm 1A

B : rm 1B

C : rm 10A

D : rm 10B

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_________.

A : 30%

B : 40%

C : 50%

D : pends on the value of Trust

Answer: A

Page: 1 / 95

Total 475 Questions | Updated On: Mar 28, 2025

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