Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Direct and Indirect Taxation Total Number of Question: 40 Time: 41 Minutes Please check your email after completion of test for result. All the best... Name Phone No Email Area Pin Code 1. Which of the following is taxable under the head "Income from House Property"? Rent from a vacant house Income from letting out machinery Notional rent from a self-occupied house Unrealized rent recovered None 2. Income of a person includes: Legal income only Legal and illegal income Income from taxable heads only Exempt incomes only None 3. What is the threshold limit for deduction of TDS on commission or brokerage under Section 194H? ₹10,000 ₹15,000 ₹50,000 ₹20,000 None 4. Clubbing of income applies in the case of: Income of a spouse transferred without adequate consideration Minor child’s income exceeding ₹1,500 Both a and b None of the above None 5. Income from salary is taxable on: Due basis Receipt basis Due or receipt basis, whichever is earlier Accrual basis only None 6. The exemption for transport allowance for handicapped employees is: ₹1,600 per month ₹3,200 per month ₹2,400 per month ₹1,200 per month None 7. The time limit for filing a revised return of income is: 1 month from the end of the assessment year 3 months from the end of the financial year Before the end of the relevant assessment year or completion of assessment, whichever is earlier 2 years from the end of the assessment year None 8. Deduction for repayment of a home loan principal is available under: Section 24 Section 80C Section 80EE Section 80D None 9. Dividend Distribution Tax (DDT) is paid by: Shareholders Companies Directors Mutual Funds None 10. A partnership firm can claim remuneration paid to its partners under: Section 36 Section 40(b) Section 37 Section 32 None 11. Interest on delayed payment of income tax is charged under: Section 234A Section 234B Section 234C All of the above None 12. Which section deals with the carry-forward and set-off of losses under the head "Capital Gains"? Section 70 Section 71 Section 74 Section 72 None 13. In case of partnership firms, the maximum deduction for interest on capital is: 10% of the book profit 12% of the capital 10% of the capital 12% of the book profit None 14. Which section allows exemption for profit earned on the transfer of rural agricultural land? Section 10(1) Section 10(37) Section 54B Section 54D None 15. Which of the following is not considered a "Perquisite" under income from salaries? Rent-free accommodation Reimbursement of medical expenses Free lunch during office hours Loan provided by the employer at a concessional rate None 16. Deduction under Section 80E for education loans is available for: Principal and interest Principal only Interest only Interest up to ₹2,00,000 None 17. The tax exemption limit under Section 10(10D) for maturity proceeds of life insurance policies is not applicable if: Premium exceeds 10% of the sum assured Premium exceeds 20% of the sum assured Premium is paid in foreign currency None of the above None 18. Residential status of an individual is determined under which section? Section 5 Section 6 Section 4 Section 9 None 19. Section 194A relates to TDS on: Interest other than interest on securities Rent Dividends Commission None 20. Deduction under Section 80U is allowed for: Self-employed individuals only Individuals with a dependent disabled relative Individuals with disabilities None of the above None 21. Income deemed to accrue or arise in India is taxable for: Non-residents only Residents only All taxpayers Non-residents and residents but not ordinarily resident None 22. Under Section 44AB, tax audit is mandatory for professionals if their gross receipts exceed: ₹50 lakh ₹55 lakh ₹58 lakh ₹90 lakh None 23. Deduction under Section 80GGA is allowed for: Donations to political parties Donations to scientific research or rural development Donations to PM Cares Fund None of the above None 24. The head of income under which income from sub-letting is taxable is: Income from Salaries Income from House Property Income from Other Sources Capital Gains None 25. Section 80DD provides deductions for: Medical treatment of dependent disabled relatives Premium on life insurance Health insurance premiums None of the above None 26. The due date for payment of the last installment of advance tax is: 15th December 31st March 15th March 30th June None 27. Losses under which head of income cannot be carried forward? Income from Salaries Income from House Property Business Income Capital Gains None 28. The maximum limit for deduction under Section 80EEA for interest on home loans is: ₹1,50,000 ₹50,000 ₹2,00,000 ₹2,50,000 None 29. Which of the following is exempt under Section 10(34)? Dividend income from foreign companies Dividend income from mutual funds Dividend income from domestic companies Interest income None 30. The tax-free interest on savings certificates under Section 10 is available for: National Savings Certificate (NSC) PPF account Fixed Deposit None of the above None 31. Tax is not deducted at source on dividends declared by: Domestic companies Mutual funds Foreign companies Public limited companies None 32. Income which is exempt under Section 10(2A) refers to: Share of profit from an LLP Agricultural income Capital gains Family pension None 33. The surcharge on income tax is applicable if the total income exceeds: ₹50 lakh ₹1 crore ₹2 crore ₹8 crore None 34. Tax on winnings from lotteries is levied at: 10% 15% 30% 20% None 35. Under Section 80E, interest deduction for an education loan is available for how many years? 5 years 7 years 8 years 10 years None 36. The exemption for voluntary retirement compensation is available under: Section 10(10C) Section 10(14) Section 17(2) Section 89 None 37. Which section deals with deductions for donations to political parties? Section 80C Section 80GGA Section 80GGC Section 80U None 38. Depreciation under the Income Tax Act is not allowed on: Goodwill Buildings Machinery Patents None 39. Dividend received from a foreign company is taxable under the head: Income from Other Sources Income from Salaries Capital Gains Income from House Property None 40. Under the presumptive taxation scheme for professionals (Section 44ADA), the deemed profit is: 25% of gross receipts 50% of gross receipts 75% of gross receipts 100% of gross receipts None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. 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