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 section deals with income deemed to arise or accrue in India? Section 5 Section 7 Section 9 Section 11 None 2. Under Section 44BB, presumptive taxation is available for which industry? IT sector Oil and gas exploration Transport sector Real estate None 3. A belated income tax return can be filed under: Section 139(1) Section 139(4) Section 139(5) Section 142 None 4. Which section allows for carry-forward and set-off of unabsorbed depreciation? Section 32(2) Section 36(1) Section 37(1) Section 40A None 5. The basic exemption limit for a super senior citizen (aged 80 or above) is: ₹2,50,000 ₹3,00,000 ₹5,00,000 ₹6,00,000 None 6. The turnover limit for tax audit in the case of digital transactions is: ₹1 crore ₹2 crore ₹5 crore ₹10 crore None 7. The GST collected on sales is taxable under: Income from Business Capital Gains Not taxable Income from Other Sources None 8. Which of the following incomes is exempt for a university or educational institution under Section 10(23C)? Interest income Business income Income from educational activities None of the above None 9. A partnership firm is liable to pay Alternate Minimum Tax (AMT) under which section? Section 115JC Section 115JD Section 115JB Section 115JE None 10. The TDS rate for commission or brokerage (Section 194H) is: 5% 7.5% 10% 15% None 11. The total income of a taxpayer is rounded ₹10 ₹100 ₹50 ₹1 None 12. Which of the following is an allowable expense under the head "Income from Business"? Personal expenses of the owner Penalty for violation of law Interest on loan for business purposes Income tax paid None 13. Income earned by a trust for charitable purposes is exempt under which section? Section 10(10C) Section 11 Section 12A Section 80G None 14. Deduction under Section 80GGB is available for donations to political parties made by: Individuals only Companies only Firms only All taxpayers None 15. The maximum limit for exemption of gratuity for a government employee is: ₹10,00,000 ₹15,00,000 ₹20,00,000 No limit None 16. What is the maximum period for which capital loss can be carried forward? 4 years 8 years 10 years Indefinitely None 17. The income of a Hindu Undivided Family (HUF) is assessed in the hands of: Karta All members individually The HUF as a separate entity The eldest member of the family None 18. Which section deals with penalties for underreporting or misreporting of income? Section 271A Section 271B Section 270A Section 272B None 19. Agricultural income exceeding ₹5,000 is: Fully exempt Partially taxable Considered for rate purposes Taxable under Income from Other Sources None 20. TDS on salary is governed by which section? Section 192 Section 194C Section 195 Section 194H None 21. What is the maximum amount of rebate allowed under Section 87A? ₹10,000 ₹12,500 ₹15,000 ₹20,000 None 22. Income from lotteries, crossword puzzles, etc., is taxable under the head: Income from Other Sources Business Income Capital Gains Income from Salaries None 23. Long-term capital gains on the sale of equity shares are exempt up to: ₹50,000 ₹1,00,000 ₹1,50,000 ₹2,00,000 None 24. Which section deals with deduction for interest on home loans for first-time buyers? Section 80EE Section 80C Section 24(b) Section 80D None 25. Under Section 80GG, the deduction for rent paid is allowed if the taxpayer: Owns a house in the same city Does not receive HRA Claims exemption under Section 10(13A) Owns multiple houses None 26. Income from sub-letting is taxable under: Income from House Property Income from Other Sources Business Income Capital Gains None 27. The basic exemption limit for individuals below 60 years is: ₹2,50,000 ₹3,00,000 ₹5,00,000 ₹6,00,000 None 28. Deduction for contributions to NPS under Section 80CCD(1B) is limited to: ₹10,000 ₹25,000 ₹50,000 ₹1,00,000 None 29. The rate of TDS on payments to non-residents for royalties is: 10% 20% 30% 40% None 30. Taxability of gifts received from relatives is covered under: Section 56(2)(vii) Section 10(5) Section 80G Section 57 None 31. Which section governs the taxability of deemed dividends? Section 10(34) Section 2(22) Section 80D Section 54F None 32. The exemption under Section 54 is available for: Sale of residential property Sale of agricultural land Sale of commercial property Sale of jewelry None 33. TDS is deducted at what rate on interest income under Section 194A for senior citizens? 10% 15% 20% 30% None 34. The standard deduction for salaried individuals is fixed at: ₹25,000 ₹40,000 ₹50,000 ₹60,000 None 35. Deduction under Section 80TTA for interest on savings accounts is allowed up to: ₹5,000 ₹10,000 ₹20,000 ₹25,000 None 36. The threshold limit for the applicability of Section 44AB (tax audit) for a business with non-cash transactions is: ₹2 crore ₹5 crore ₹10 crore ₹50 lakh None 37. Loss from house property can be set off against other heads of income up to: ₹1,00,000 ₹2,00,000 ₹3,00,000 ₹4,00,000 None 38. Which section deals with the taxability of deemed ownership of property? Section 24 Section 26 Section 27 Section 22 None 39. What is the tax rate on winnings from horse races? 10% 20% 30% 40% None 40. Which section deals with the taxability of deemed ownership of property? Section 24 Section 26 Section 27 Section 22 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 !! 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