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. What is the standard deduction for income from let-out house property? 10% of Net Annual Value 30% of Net Annual Value 20% of Net Annual Value 40% of Net Annual Value None 2. Short-term capital gains on the transfer of listed shares (not under Section 111A) are taxed at: 10% 20% As per slab rates 15% None 3. The time limit for issuing a refund by the Income Tax Department is: 6 months from the date of filing the return 1 year from the end of the assessment year 2 years from the end of the assessment year No time limit None 4. Agricultural income is included in total income for the purpose of: Taxation of agricultural income Calculating surcharge Determining tax on non-agricultural income None of the above None 5. The maximum penalty for concealment of income under Section 270A is: 50% of the tax evaded 100% of the tax evaded 200% of the tax evaded 300% of the tax evaded None 6. Which section deals with set-off and carry-forward of losses from speculation business? Section 72 Section 73 Section 74 Section 80 None 7. The rate of TDS for rent paid for land and building under Section 194I is: 2% 5% 10% 15% None 8. Deduction for interest on housing loan under Section 80EEB is allowed for: Affordable housing only All housing loans Electric vehicle purchase Both housing loans and vehicle purchases None 9. The maximum limit for deduction under Section 80G for donations to certain funds and charitable institutions is: 50% of adjusted gross total income 10% of adjusted gross total income 100% of adjusted gross total income 25% of adjusted gross total income None 10. Which of the following is eligible for a rebate under Section 87A? Senior citizens only Individuals with income up to ₹5 lakh Non-residents Individuals earning more than ₹5 lakh None 11. Deduction for maintenance of a disabled dependent under Section 80DD is allowed up to: ₹75,000 ₹1,00,000 ₹1,25,000 ₹1,50,000 None 12. Unabsorbed depreciation can be carried forward 4 years 8 years Indefinitely 6 years None 13. Income from the transfer of goodwill is taxable under: Income from Other Sources Capital Gains Business Income None of the above None 14. The rate of TDS for interest on securities under Section 193 is: 5% 10% 15% 25% None 15. Income earned outside India by a resident and ordinarily resident (ROR) is: Fully taxable Fully exempt Taxable only if brought to India Partially taxable None 16. Which section deals with deemed ownership of house property? Section 22 Section 24 Section 27 Section 26 None 17. Tax on long-term capital gains on the sale of unlisted securities for residents is: 10% 15% 20% 25% None 18. What is the maximum exemption limit for meal vouchers provided by an employer? ₹25 per meal ₹50 per meal ₹75 per meal ₹100 per meal None 19. Income from winning horse races is taxable under: Capital Gains Income from Other Sources Business Income Income from Salaries None 20. Deduction under Section 80GGB is available for donations to political parties made by: Individuals only Companies only Firms only All taxpayers None 21. The maximum deduction under Section 80D for health insurance premium paid for parents (senior citizens) is: ₹25,000 ₹30,000 ₹50,000 ₹60,000 None 22. The provisions for Tax Collected at Source (TCS) are covered under which section? Section 190 Section 206C Section 194B Section 194C None 23. Which of the following incomes is exempt for a political party under Section 13A? Income from house property Income from voluntary contributions Income from other sources All of the above None 24. The deduction under Section 80RRB for royalty income from patents is limited to: ₹2,00,000 ₹3,00,000 ₹1,00,000 ₹5,00,000 None 25. Under the presumptive taxation scheme for transporters (Section 44AE), the deemed income per vehicle is: ₹7,500 per month ₹10,000 per month ₹12,000 per month ₹15,000 per month None 26. Deduction for donations made to the Swachh Bharat Kosh is available under: Section 80C Section 80G Section 80E Section 80U None 27. The due date for filing the Tax Audit Report is: 31st July 31st October 30th September 31st December None 28. Income from an illegal business is taxable under the head: Business Income Income from Other Sources Capital Gains Not taxable None 29. The maximum penalty for late filing of income tax return under Section 234F is: ₹5,000 ₹10,000 ₹1,000 ₹2,000 None 30. Which section provides for relief in the case of double taxation? Section 90 Section 91 Both a and b Section 92 None 31. The maximum time limit for claiming a refund under Section 237 is: 1 year from the end of the financial year 2 years from the end of the assessment year 1 year from the date of assessment No time limit None 32. The maximum amount of exemption for Leave Travel Concession (LTC) is: Limited to actual travel cost ₹50,000 per year ₹1,00,000 per year ₹75,000 per year None 33. Which section deals with clubbing of income of a minor child? Section 60 Section 64(1A) Section 64(2) Section 65 None 34. Interest on refunds issued by the Income Tax Department is taxable under the head: Income from Other Sources Business Income Capital Gains Exempt from tax None 35. The depreciation rate for plant and machinery under the written down value (WDV) method is typically: 10% 15% 20% 30% None 36. The additional depreciation for manufacturing companies is available at the rate of: 10% 20% 30% 50% None 37. Deduction under Section 80EEA for interest on home loans is applicable for loans sanctioned on or before: 31st March 2023 31st March 2024 31st March 2025 31st March 2026 None 38. Capital gains arising from the sale of a residential house can be exempted under: Section 54 Section 54EC Section 54F All of the above None 39. The maximum limit for depositing in a Public Provident Fund (PPF) account in a financial year is: ₹1,00,000 ₹1,50,000 ₹2,00,000 ₹2,50,000 None 40. Which section of the Income Tax Act deals with depreciation? Section 32 Section 37 Section 36 Section 35 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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