AAFM GLO_CWM_LVL_1 Exam - Topic 1 Question 67 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam

Question #: 67
Topic #: 1

A Family consists of karta, his wife four sons and their wires and children and its income is Rs. 1000000 if by family arrangement income yield property is settled on karta his wife and sons & daughter in law than tax liability would be

ANil

B100000

CCalculated as per income tax Act 1961

DNone of the above

Show Suggested Answer

Suggested Answer: C

by Donte at Oct 03, 2023, 04:41 AM

Limited Time Offer

25%

Off

Get Premium GLO_CWM_LVL_1 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Theodora

4 months ago

I thought family income could be tax-free under certain conditions?

upvoted 0 times

...

Sharen

4 months ago

Wait, are you sure it’s not nil? That seems odd.

upvoted 0 times

...

Fausto

4 months ago

Agree, option C makes the most sense here.

upvoted 0 times

...

Antonio

4 months ago

I think it should be calculated as per the Income Tax Act.

upvoted 0 times

...

Martha

5 months ago

Income is Rs. 1000000, so tax liability is crucial.

upvoted 0 times

...

Raul

5 months ago

I’m leaning towards A being correct, but I’m a bit confused about how income distribution works in family arrangements.

upvoted 0 times

...

Jamal

5 months ago

I feel like the answer might be C, but I can't recall the specific provisions of the Income Tax Act that would apply here.

upvoted 0 times

...

Louvenia

5 months ago

I think we practiced a similar question in class where the income was divided among family members, and it had tax implications.

upvoted 0 times

...

Marya

5 months ago

I remember something about family arrangements and how they can affect tax liability, but I'm not entirely sure if it would be nil in this case.

upvoted 0 times

...

Millie

5 months ago

Based on the information provided, I think the correct answer is C. The tax liability would be calculated as per the Income Tax Act 1961, taking into account the specific details of the family arrangement.

upvoted 0 times

...

Darrin

5 months ago

I'm a bit confused about the concept of "family arrangement" and how that affects the tax liability. I'll need to review that part of the question carefully.

upvoted 0 times

...

Laurel

5 months ago

Okay, let me think this through. The family's total income is Rs. 1,000,000, and the question is asking about the tax liability if the income-yielding property is settled on the karta, his wife, and sons and daughter-in-law. I'll need to consider the relevant tax laws and exemptions.

upvoted 0 times

...

Vernell

5 months ago

This question seems straightforward, but I want to make sure I understand the details correctly before answering.

upvoted 0 times

...

Herman

5 months ago

Based on the details provided, I'd say duration recording is the most accurate way to capture how long Bill is asking for more food in that one-hour window after meals. The other options don't seem as relevant.

upvoted 0 times

...

Reita

5 months ago

Okay, let me think this through. The group has two divisions, Alpha and Beta, and Alpha sells an intermediate product to Beta. The current policy is to use variable cost as the transfer price.

upvoted 0 times

...

Yuriko

5 months ago

This one's pretty straightforward. The question is clearly asking about a management strategy for monitoring and evaluating systems, so I'm going to go with option C, internal control monitoring.

upvoted 0 times

...

Devora

5 months ago

This seems like a straightforward Lean Principles question. I'll review the key concepts and think through the options.

upvoted 0 times

...

Rebecka

5 months ago

I'm a bit confused by the wording here. I'll need to double-check my understanding of how active and standby systems work before I can confidently select the right answers.

upvoted 0 times

...

Tamra

10 months ago

Wait, wait, wait... Did you say 'karta'? Is this a family business or a cult? I feel like I need to consult the Bhagavad Gita before answering this one!

upvoted 0 times

Murray

9 months ago

C: Calculated as per income tax Act 1961

upvoted 0 times

...

Gerald

10 months ago

B: 100000

upvoted 0 times

...

Rossana

10 months ago

A: Nil

upvoted 0 times

...

Leota

10 months ago

C, definitely C. The Income Tax Act 1961 would be the governing law, and the tax liability would be calculated accordingly. Easy peasy, lemon squeezy!

upvoted 0 times

...

Sheron

11 months ago

I'm going to have to go with D. None of the above. There's too much ambiguity in the question to determine the correct answer with certainty.

upvoted 0 times

Yen

10 months ago

D: I'm not sure, but I still think it's best to go with option C.

upvoted 0 times

...

Tom

10 months ago

C: But what about the family arrangement income yield property? Wouldn't that affect the tax liability?

upvoted 0 times

...

Josephine

10 months ago

B: I agree, it seems like the most logical option.

upvoted 0 times

...

Paulene

10 months ago

A: I think the tax liability would be calculated as per income tax Act 1961.

upvoted 0 times

...

Reid

11 months ago

Hmm, I'm not so sure. Shouldn't the answer be A? If the property is settled on the family members, then wouldn't the income be considered as the family's and thus, the tax liability should be nil?

upvoted 0 times

Glen

10 months ago

B) 100000

upvoted 0 times

...

Alethea

10 months ago

I think you're right. Since the property is settled on the family members, the tax liability should be nil.

upvoted 0 times

...

Tegan

10 months ago

A) Nil

upvoted 0 times

...

Chery

11 months ago

I'm pretty sure the answer is C. The income tax liability should be calculated as per the Income Tax Act 1961 when the property is settled on the family members through a family arrangement.

upvoted 0 times

...