QUESTION: 197 Exam Topic: 3, Volume C

If a trust is partner in a firm, the maximum rate of tax applicable is

30%
35%
40%
The provisions of maximum rate of income tax would not apply.

Answer(s): D

QUESTION: 198 Exam Topic: 3, Volume C

_____________ of the Income Tax Act, 1961 provides that where a trustee receives or is entitled to receive any income on behalf of or for the benefit of any person under an Oral Trust, tax is to be charged on such income at the maximum marginal rate.

Section 29C
Section 161A
Section 164A
None of the above

Answer(s): C

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QUESTION: 199 Exam Topic: 3, Volume C

An Oral Trust is deemed to be a written trust if a statement in writing is forwarded to the Assessing Officer within _________________ from the date of declaration of the trust.