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 All the best... Kind Regards CMA Madhuri Kashyap Profile: Click Here! Name Phone No Email Area Pin Code 1. In case of a non-resident, which of the following income is taxable in India? Income earned in India Income earned outside India Both income earned in India and outside India Income earned outside India if the non-resident has a permanent establishment in India None 2. The due date for filing income tax returns for an individual, not requiring a tax audit, is: 30th September 31st December 31st July 31st March None 3. Under Section 80U, a person with a disability can claim a deduction of: ₹25,000 ₹50,000 ₹1,00,000 ₹2,00,000 None 4. The rate of tax applicable to long-term capital gains from the sale of a residential property is: 10% 20% 30% 15% None 5. The income from the sale of agricultural land located outside India is: Taxable in India Exempt from tax Taxable if brought into India Taxable only under a Double Taxation Avoidance Agreement (DTAA) None 6. Under Section 10(13A), which of the following is not eligible for a deduction on rent paid by a salaried person? Rent paid for self-occupied house Rent paid for a house situated in a metro city Rent paid for a residential house Rent paid for a house owned by the employee None 7. The limit on the deduction under Section 80D for the medical insurance premium for senior citizens is: ₹25,000 ₹50,000 ₹1,00,000 ₹75,000 None 8. The maximum amount of deduction available under Section 80G for donations to charitable institutions is: ₹50,000 ₹1,00,000 ₹1,50,000 No limit None 9. Under Section 80GGA, donations to scientific research or rural development are eligible for a deduction of: 100% 50% 75% 25% None 10. Under Section 10(32), income of a minor child is included in the parent’s income if the income exceeds: ₹1,500 ₹2,500 ₹3,000 ₹5,000 None 11. The tax on "unexplained cash credits" under Section 68 is: 30% 25% 15% 20% None 12. The tax rate on income from betting and gambling is: 20% 10% 30% 25% None 13. The interest earned from savings accounts is exempt under Section 10(15) up to a limit of: ₹2,000 ₹3,000 ₹5,000 ₹10,000 None 14. In the case of an individual, the maximum amount deductible under Section 80C is: ₹1,50,000 ₹1,00,000 ₹50,000 ₹2,00,000 None 15. Which of the following is a capital asset under the Income Tax Act? Stock in trade Personal car Property used for business Jewelry None 16. Income from the sale of stocks and bonds is classified under the head: Income from business Income from capital gains Income from other sources Income from house property None 17. A tax audit is compulsory for a business if the turnover exceeds: ₹10 lakh ₹50 lakh ₹1 crore ₹5 crore None 18. Under Section 80C, which of the following is not eligible for a deduction? Life insurance premium Tuition fees Interest on home loan Public Provident Fund (PPF) None 19. The maximum deduction available under Section 80E for interest on education loans is: ₹50,000 ₹1,00,000 ₹2,00,000 No upper limit None 20. Under Section 115BB, the tax rate on income from lotteries is: 10% 20% 30% 35% None 21. Under Section 10(10A), the gratuity received by a government employee is: Fully taxable Exempt from tax Exempt only if the employee has served more than 5 years Taxable if the salary is more than ₹20,000 None 22. Tax payable on capital gains from the sale of a residential property is reduced under Section: 80C 80D 54 10(38) None 23. The income of a resident, but not ordinarily resident (RNOR), is taxable in India on: Only income earned in India Income earned in India and outside India Only income earned outside India None of the above None 24. Under which section can you claim a deduction for medical treatment of a specified disease? Section 80D Section 80DDB Section 80G Section 80U None 25. Under Section 80GGA, donations made to which type of institutions are eligible for a 100% deduction? Political parties Government funds Rural development funds Religious institutions None 26. The maximum amount of deduction available under Section 80CCD(1B) for contributions to NPS is: ₹1,00,000 ₹50,000 ₹2,50,000 ₹1,50,000 None 27. Under which section of the Income Tax Act can an individual claim a deduction for donations to charity? Section 80G Section 80D Section 80U Section 80C None 28. The tax on "income from other sources" is: 30% 20% 10% Same as business income None 29. The sale of a house property is taxable under the head: Capital gains Income from other sources Income from house property Business income None 30. Under Section 54F, the exemption from capital gains tax is available if the taxpayer invests in: Agricultural land Residential house property Commercial property Mutual funds None 31. A business earning profits from the sale of shares will be taxed under: Income from house property Income from capital gains Income from business Income from other sources None 32. Income of a non-resident from a foreign pension is: Taxable in India Not taxable in India Taxable under the DTAA Taxable only if the pension is brought into India None 33. Under Section 80E, the deduction for interest on loans for higher education is available for: 5 years 10 years 15 years No time limit None 34. The tax rate applicable to short-term capital gains on listed securities is: 20% 30% 10% 15% None 35. Under Section 10(14), which of the following allowances is exempt from tax? House Rent Allowance Special Allowance for performing duties Entertainment Allowance All of the abov None 36. The interest on a loan taken for purchasing a house property is deductible under: Section 80C Section 24(b) Section 80G Section 10(10D) None 37. Under Section 10(10C), the voluntary retirement compensation received by an employee is: Fully taxable Partially taxable Exempt from tax up to ₹5 lakh Exempt from tax under certain conditions None 38. Under Section 115JB, if a company has a minimum alternate tax (MAT) liability, it is calculated at: 15% 18.5% 20% 25% None 39. The maximum amount of deduction under Section 80D for insurance of parents (senior citizens) is: ₹50,000 ₹1,00,000 ₹25,000 ₹1,50,000 None 40. The income of a trust registered under Section 12A is: Fully exempt Taxable at normal rates Exempt only if it is used for charitable purposes Exempt if it is used for religious purposes only 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. 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