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. Under Section 80GGA, the donation to scientific research or rural development is: 100% deductible 50% deductible 80% deductible Not deductible None 2. The tax rate on long-term capital gains from the sale of unlisted shares is: 10% 15% 20% 30% None 3. What is the due date for filing an income tax return for a company not subjected to tax audit? 31st July 30th September 15th February 31st December None 4. The maximum deduction under Section 80C for an individual taxpayer is: ₹50,000 ₹1,00,000 ₹1,50,000 ₹2,00,000 None 5. The income from selling property held for more than 36 months is classified as: Short-term capital gains Long-term capital gains Business income Rental income None 6. A partnership firm can claim a deduction for remuneration paid to its partners under: Section 40A Section 37 Section 40(b) Section 45 None 7. TDS under Section 194C is deducted on the payment for: Contractors Rent Commission Professional fees None 8. The maximum amount of deduction allowed for donations to a political party under Section 80GGC is: ₹1,00,000 ₹50,000 ₹2,50,000 Unlimited None 9. Which of the following is an example of non-taxable income under the head "Income from Other Sources"? Rent from house property Dividend from domestic companies Business income Income from business of share trading None 10. Which of the following is exempt from tax under Section 10? Pension received from the government Income from house property Dividend from a foreign company Income from agricultural land None 11. The due date for filing income tax returns for a person carrying on business or profession subject to tax audit is: 31st July 30th September 31st December 15th November None 12. The deduction under Section 80C for contributions to PPF is available up to: ₹1,00,000 ₹1,50,000 ₹2,00,000 ₹50,000 None 13. TDS on commission or brokerage under Section 194H is deducted at the rate of: 5% 10% 15% 20% None 14. Under Section 80EEA, deduction for interest on housing loans is available for: Senior citizens only First-time homebuyers All taxpayers Only for loans taken before 2020 None 15. In which of the following cases can a taxpayer file a revised income tax return? To correct clerical errors To include additional income To claim deductions missed in the original return All of the above None 16. Tax on the income from a fixed deposit in a bank is deducted under which section? Section 194A Section 193 Section 195 Section 194C None 17. Under Section 10(23C), which of the following income is exempt? Income from government funds Income from charitable and religious trusts Income from mutual funds Income from bonds None 18. Which section provides tax relief for income received by a foreign company? Section 195 Section 194 Section 196 Section 209 None 19. Under Section 10(10), the exemption limit for gratuity received by a government employee is: ₹10,00,000 ₹20,00,000 ₹25,00,000 No limit None 20. Which of the following is eligible for deduction under Section 80G for donations? Donations to the PM Cares Fund Donations to a political party Donations to charitable trusts All of the above None 21. Which section of the Income Tax Act, 1961, governs the taxation of business income for individuals? Section 28 Section 30 Section 32 Section 37 None 22. The due date for filing income tax returns for a company is: 31st March 30th September 31st July 31st December None 23. Under Section 24(b), the maximum deduction for interest on a home loan for a let-out property is: ₹50,000 ₹1,50,000 ₹2,00,000 ₹2,50,000 None 24. In the case of a company, the capital gains tax is charged on the sale of shares held for more than: 12 months 24 months 36 months 60 months None 25. Which of the following is not a deductible expense under Section 37 for business income? Business promotion expenses Payment for marketing activities Payment for violation of law Rent paid for office space None 26. The tax rate on long-term capital gains arising from the sale of unlisted securities is: 10% 15% 20% 25% None 27. The maximum deduction allowed under Section 80U for an individual with a disability is: ₹50,000 ₹75,000 ₹1,25,000 ₹1,50,000 None 28. The income from the sale of agricultural land in urban areas is taxable under: Capital Gains Income from Other Sources Business Income Exempt from tax None 29. The rate of TDS on professional fees under Section 194J is: 5% 15% 10% 25% None 30. Which section of the Income Tax Act governs the deduction of tax at source on payments of rent? Section 194I Section 194C Section 194H Section 195 None 31. Under which section can a taxpayer claim deductions for interest on a loan taken for higher education? Section 80C Section 80D Section 80E Section 80G None 32. The tax rate on winnings from the lottery under Section 115BB is: 10% 20% 30% 40% None 33. The amount of TDS on payment of salaries is deducted under which section? a) Section 192 Section 194A Section 194J Section 194C None 34. The amount of capital gains tax on the sale of listed shares held for more than one year is: 10% 20% 15% Exempt from tax None 35. Which section of the Income Tax Act deals with the taxation of income received in India by a non-resident? Section 5 Section 6 Section 9 Section 10 None 36. Under Section 54, the exemption for capital gains tax is available for the sale of: Agricultural land Residential house Commercial property Bonds None 37. What is the maximum amount of deduction available under Section 80G for donations to specified funds? ₹50,000 ₹1,00,000 ₹1,50,000 100% of the donation amount None 38. The capital gains arising from the sale of agricultural land in rural areas are: Taxable under Income from Other Sources Exempt from tax Taxable under Business Income Taxable as per the slab rate None 39. The maximum amount of deduction under Section 80E for interest on education loans is: ₹1,50,000 ₹1,00,000 ₹50,000 No upper limit for interest None 40. 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 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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