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CTEP Exam Dumps - Chartered Trust & Estate Planner® (CTEP®) Certification Examination

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Question # 9

According to ________________ of the Indian Trusts Act, a Trust may be created for any lawful purpose.

A.

Section 4

B.

Section 3

C.

Section 2

D.

Section 1

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Question # 10

Competency to contract has been defined under ____________ of the Indian Contract Act,___________

A.

Section 1, 1872

B.

Section 11, 1872

C.

Section 1, 1870

D.

Section 11, 1872

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Question # 11

As per Payment of Gratuity Act, Employees are entitled to ___________ terminal wages as gratuity for each year of completed service or part thereof in excess of 6 months. Seasonal employees are entitled to __________ terminal salary for each season of service.

A.

15 days, 15 days

B.

15 days, 7 days

C.

30 days, 30 days

D.

30 days, 45 days

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Question # 12

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

A.

Only (i)

B.

Only (ii)

C.

Neither (i) nor (ii)

D.

Both (i) and (ii)

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Question # 13

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

A.

All (i),(ii),(iii) and (iv)

B.

Only (ii) and (iv)

C.

All except (iv)

D.

All except (i)

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Question # 14

Which is not the condition for getting superannuation fund approved?

A.

All the benefits should be payable only in India

B.

Employee should be contributor to the fund

C.

Employer should be contributor to fund

D.

Funds have to be invested as per income tax rules1962

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Question # 15

A Diety is entitled to initial exemption of __________________ in respect of its income.

A.

Rs 1,00,000

B.

Rs 1,50,000

C.

Rs. 2,50,000

D.

None of the above

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Question # 16

The accounts of the Trust should be audited where the income (including corpus donations) exceeds ______________. One of the essential condition for obtaining exemption of the income of a Charitable Trust is that at least _______ of the income should be applied to charitable purposes in India.

A.

Rs.1,50,000; 85%

B.

Rs 50,000; 85%

C.

Rs. 50,000; 75%

D.

Rs.1,50,000; 85%

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