Income tax dues and taxation of private trusts

      Changes in the will document can be made by-

•      Codicil

• Memorandum

•       Both of the above

•       None of the above

     Private Trust is governed by-

•        Acts passed by State Government

•        Acts passed by Central Government

•       Indian Trust Act, 1882

•       All of the above

     Family Trust is a-

• Testamentary Private Trust

•        “Inter-vivos” Discretionary Trust

•       “Inter-vivos” Specified Trust

•        Public Trust

   When provisions of section 281 of Income Tax Act, 1961 are applicable

•   Asset value being transferred or mortgaged exceeds Rs. 10,000

•   Income tax demand exceeds Rs. 5,000

•        Income tax demand exceeds Rs. 10,000

•        Both (a) & (b)

Which class of asset is excluded from the ambit of section 281

•       Plant & Machinery

•        Shares and Securities

•        Furniture & Fittings

•        Fixed Deposits

     In which Part of the Form ITNS 281 particulars of proposed transaction transferring the assets/creating charge are declared

•     Part-A

•     Part-B

•     Part-C

•     Part-D

If the demand is likely to arise in next six months, then A.O. should grant the permission within

•     15 working days

•      10 working days

•       12 working days

•      20 working days

    Which section deals with the taxation of private discretionary trust?

•      Section 160

•   Section 161

•    Section 164

•       Section 166

       Where the books of accounts of a private trust are required to get audited, the audit report is required to be filed in which form?

•    Form 3CA

•      Form 10B

• Form 3CB

•      Form 3CE

     In general, the status of a private trust is based on

• Settlor

•     Trustee

• Beneficiary

•    Protector