Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Direct Tax Laws and International 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 which section of the Income Tax Act is the deduction for investment in specified savings instruments available? Section 80C Section 80D Section 80E Section 80G None 2. In case of a joint venture, the profits are generally divided Equally among the partners Based on the agreement between the partners Based on the investment ratio None of the above None 3. Under which section of the Income Tax Act can a person claim a deduction on the interest paid for a home loan? Section 80C Section 24(b) Section 80G Section 80E None 4. Under which section is the "transfer pricing" provision discussed? Section 80C Section 92 Section 90 Section 6 None 5. What is the rate of tax on income from lottery winnings? 10% 20% 30% 40% None 6. Income from the sale of agricultural land is: Taxable under Income from Other Sources Exempt from tax Taxable under Capital Gains Taxable under Business Income None 7. Under Section 10(14), the allowance granted to meet the cost of travel is: Fully taxable Fully exempt Exempt subject to limits Deductible from income None 8. In the case of an NRI, income earned outside India is: Fully taxable in India Partially taxable in India Exempt from tax in India Taxable under DTAA only None 9. Under Section 89, which of the following is eligible for tax relief? Gratuity received Arrears of salary Income from business Income from capital gains None 10. A taxpayer is eligible to claim a deduction under Section 80D for: Health insurance premium for self and family Donation to charitable organizations Investment in fixed deposits Payment of tuition fees None 11. The tax rate for income from the transfer of a long-term capital asset (other than listed securities) is: 10% 20% 30% 15% None 12. A rebate under Section 87A is available to a taxpayer if their total income is less than: ₹2.5 lakh ₹3.5 lakh ₹5 lakh ₹10 lakh None 13. Which of the following can be claimed as a deduction under Section 80C? Contribution to the provident fund Payment of life insurance premium Repayment of home loan principal All of the above None 14. The income tax on income from foreign sources is governed by: Income Tax Act of India Double Taxation Avoidance Agreements (DTAA) Foreign Income Tax Laws Both a and b None 15. Under which section can a taxpayer claim deductions for medical treatment of dependent relatives suffering from specified diseases? Section 80DDB Section 80C Section 80G Section 80E None 16. Which of the following is considered as "income from business"? Rental income Profit from sale of goods or services Salary received Income from capital gains None 17. Under Section 10(10D), which of the following is exempt from tax? Death benefits from life insurance policies Premium paid for life insurance policies Surrender proceeds from life insurance policies All of the above None 18. Tax on capital gains is calculated based on: Sale price of the asset Cost of acquisition of the asset Holding period of the asset All of the above None 19. Under the provisions of the Income Tax Act, which of the following is a "deemed" transfer for capital gains? Sale of a property Exchange of property Transfer of assets to a partnership firm All of the above None 20. Income of a resident taxpayer earned from foreign sources is: Fully taxable in India Exempt from tax in India Taxable only under DTAA Taxable only if received in India None 21. Which of the following is not a condition for claiming exemption under Section 10(14) for house rent allowance (HRA)? The taxpayer must receive HRA The taxpayer must pay rent for accommodation The taxpayer must own the accommodation The taxpayer must live in a rented accommodation None 22. A tax audit is compulsory under Section 44AB if the turnover exceeds: ₹10 lakh ₹25 lakh ₹1 crore ₹2 crore None 23. Under Section 10(5), which of the following is exempt from tax? Leave travel concession for travel within India Foreign travel expenses Business travel expenses Travel expenses on official duty None 24. A non-resident Indian is eligible to claim a deduction under Section 80G fo Donation to specified funds Payment of health insurance premium Investment in specified securities All of the above None 25. Under the Income Tax Act, interest on delayed payment of taxes is charged under: Section 234A Section 234B Section 234C All of the above None 26. What is the maximum exemption allowed under Section 10(10C) for retrenchment compensation received? ₹2 lakh ₹3 lakh ₹5 lakh ₹10 lakh None 27. Which of the following is included in the definition of "Capital Asset"? Personal effects Agricultural land Property used for business All of the above None 28. In case of a partnership firm, the profit is assessed in the hands of: The firm itself The individual partners Both the firm and the partners None of the above None 29. Which section of the Income Tax Act deals with the taxation of nonresidents? Section 5 Section 9 Section 10 Section 6 None 30. Which of the following is exempt from income tax under Section 10(10D) Premium paid on life insurance policies Income from house property Dividend income Death benefits from life insurance policies None 31. Under the Income Tax Act, what is the rate of tax on short-term capital gains from the sale of listed securities? 10% 15% 20% 30% None 32. Income of a non-resident from Indian sources is taxed under: Section 9 Section 5 Section 6 Section 2 None 33. Under which section of the Income Tax Act are penalties imposed for concealment of income? Section 271 Section 80G Section 80C Section 80E None 34. In which of the following cases, capital gains tax is applicable? Sale of land Sale of shares Sale of gold All of the above None 35. Which of the following taxes is applicable to income earned by a resident from foreign sources? Tax on capital gains Tax on salary Tax on income from business Tax on income from other sources None 36. Under the Income Tax Act, depreciation is allowed on which of the followin Buildings Machinery and plants Furniture All of the above None 37. Which of the following is taxable under "Income from Business and Profession"? Profit from the sale of an asset Income from freelance work Income from house property Income from salary None 38. Under which section is a taxpayer's income from agricultural land situated outside India taxable? Section 5 Section 9 Section 10 Section 80C None 39. What is the basic rate of tax on the income of a domestic company? 15% 20% 25% 30% None 40. Which of the following does not qualify as a "capital asset" under the Income Tax Act? Land and building Gold and jewelry Stock in trade Mutual funds 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. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
