100% Free AAFM CWM_LEVEL_1 Practice Test Questions and Answers 2026

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Total 138 Questions | Updated On: May 22, 2026

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Question 1

What is the amount of deduction in relation to Tea, Coffee and Rubber development account u/s 33AB of Income Tax Act?

A : 20% of profits of such business

B : 40% of profits of such business

C : 60% of profits of such business

D : 100% of profits of such business

Answer: B

Question 2

A person is said to be Agnate of another if the two of them are

A : Related by blood or adoption entirely or wholly through males

B : Related by blood or adoption entirely or wholly through females

C : Related by blood or adoption entirely or wholly through their relatives

D : Related by blood or adoption entirely or wholly through the guardian other than family member

Answer: A

Question 3

The current dividend on an equity share of MAGADH Limited is Rs. 8.00 on earnings per share of Rs. 30.00. Assume that the growth rate of 15 per cent will decline linearly over a five year period and then stabilize at 10 per cent. What is the intrinsic value of MAGADH 's share if the investors' required rate of return is 15 per cent?

A : Rs. 196/-

B : Rs. 183/-

C : Rs. 116/-

D : Rs. 269/-

Answer: D

Question 4

What is the quantum of deduction allowed u/s 80U?

A : Rs. 40,000

B : Rs. 75,000

C : Rs. 60,000

D : Rs. 55,000

Answer: D

Question 5

At the money option will generate

A : Positive cash flows

B : Zero cash flow

C : Negative cash flows

D : None of the above

Answer: A

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Total 138 Questions | Updated On: May 22, 2026

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