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AAFM CTEP Exam - Topic 2 Question 74 Discussion

Actual exam question for AAFM's CTEP exam
Question #: 74
Topic #: 2
[All CTEP Questions]

Mr. Subhash Bansal, a marketing manager is employed with IMFB limited. He took an advance of Rs. 1,20,000 against the salary of Rs. 30,000 per month in the month of March 2007. The gross salary of Mr. Adhikari for the assessment year 2012-13 shall be:

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by Ben at Jan 25, 2026, 12:06 AM

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Darrel
23 hours ago
That's a huge advance for a monthly salary of Rs. 30,000!
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Fausto
6 days ago
Mr. Bansal took an advance of Rs. 1,20,000.
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Amber
11 days ago
This question is a real head-scratcher. I'm going to go with Rs. 3,60,000, but I'm not entirely confident about it.
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Chun
17 days ago
Haha, I bet Mr. Subhash Bansal is regretting that advance now. He's probably wishing he had just stuck to his regular salary.
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Aja
22 days ago
I think the answer is Rs. 3,60,000. The question states that Mr. Subhash Bansal took an advance of Rs. 1,20,000 against a monthly salary of Rs. 30,000, so the gross salary for the assessment year 2012-13 would be 5 years' worth of that salary.
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Amie
27 days ago
Wait, isn't Mr. Adhikari's name supposed to be Mr. Subhash Bansal? This question is confusing.
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Billy
1 month ago
The gross salary of Mr. Adhikari for the assessment year 2012-13 shall be Rs. 3,60,000.
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Beckie
1 month ago
If I recall correctly, the advance shouldn't affect the gross salary directly, but I need to double-check how it factors into the overall taxable income for Mr. Adhikari.
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Lavonna
1 month ago
I think the gross salary would just be the monthly salary multiplied by the number of months, but I'm not entirely sure if the advance impacts that calculation.
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Tanesha
2 months ago
This question reminds me of a similar practice question we did about salary advances. I think we need to consider the total salary for the year, but I'm a bit confused about the deductions.
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Buffy
2 months ago
I remember we discussed how advances against salary can affect gross income, but I'm not sure how to calculate it for different assessment years.
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Sage
3 months ago
This looks like a tricky one. I better re-read the question carefully and make sure I understand all the details before attempting to solve it.
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Marcelle
3 months ago
The question is a bit confusing, but I'll try to break it down step-by-step and see if I can figure it out.
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Marcos
3 months ago
Okay, I think I've got it. I'll calculate the total salary for the year and then subtract the advance amount.
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Coletta
3 months ago
Hmm, not sure how to handle the advance taken in March 2007. Do I need to deduct that from the total salary?
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Louvenia
3 months ago
This seems straightforward, just need to calculate the total salary for the assessment year.
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