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NEW QUESTION: 1
Section A (1 Mark)
Which of the following income is not exempt under section 10-IT Act 1961?
A. Income from agriculture in Lahore
B. Share in total income of firm
C. Income from mutual funds
D. Bonus on life insurance
Answer: A
Explanation:
Section C (4 Mark)
Mr. Bhatia, aged 43 is practicing as a Doctor at Nasik. His wife Mrs. Bhatia is a social worker. They reside in a flat they own along with their daughter Neena aged 9. Mr. Bhatia's elder sister is residing in Canada whom he has not met since last 5 years. His another elder sister resides in USA whom he has not met since last 8 years. Mr. Bhatia will continue active practice upto the age of 75. Looking at the history of his family life expectancies, Mr. Bhatia believes he would survive upto 85. His gross monthly income currently is Rs. 1,
45,000. Their monthly expenses are Rs. 25,000/-(including Personal expenses Rs. 5000) and they save about Rs. 35,000/- every month. Mr. Bhatia has total assets of Rs. 38.25 lacs and total outstanding liability for Medical Equipment and car of Rs. 12.45 lacs, which gives Mr. Bhatia net worth of Rs. 25.80 lacs estimated as on March 2008. His current investments are as follows:
Mr. Bhatia is a moderate risk taker and minimizes his tax through various schemes. He has a minimal exposure to equity instruments, as substantial portion of his investments is locked in Debt instruments. But he is aware of the fact that capital growth without investing in direct equity or equity mutual funds is difficult. In the current scenario, the economy is positive, with a growth of more than 9% and hence equity will yield excellent returns.
Objectives:
1.Mr. Bhatia and his wife would like to start saving for their daughter Neena's educational needs. They require Rs. 1,00,000 at her age of 15, 2 lacs when she is 16, and 8 lacs when she is 18 and 25 lacs when she is 21.
2.To provide Rs. 50 lacs for Neena's wedding at the age of 25.
3.To provide for vacations with the family to US & Canada, Middle East and Europe.
4.To provide a retirement corpus for a period of 10 years
5.Purchase a new car worth Rs. 15 lacs in nest 6 months.
6.To buy a property worth Rs. 1 crore nearby of RML hospital.
NEW QUESTION: 2
Hypothecation usually refers to which of the following?
A. determining a reasonable offering price for a new issue
B. none of the above
C. forecasting the market based upon past performance
D. pledging securities as collateral
Answer: D
Explanation:
Explanation/Reference:
Explanation: pledging securities as collateral. To hypothecate securities is to pledge them.
NEW QUESTION: 3
Which two features are implemented on the Packet Forwarding Engine? (Choose Two)
A. Routing protocol update
B. Class of Service
C. Firewall Filters
D. Chassis Management
Answer: B,C