Test 703 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. Which section governs the taxation of income from dividends distributed by domestic companies? Section 115BBDA Section 115O Section 10(34) Section 194 None 2. What is the tax treatment for income from units of an equity-oriented mutual fund under Section 10(35)? Fully taxable Fully exempt Taxable at a concessional rate Partially exempt None 3. Which section allows deductions for interest paid on home loans for affordable housing? Section 80EE Section 80EEA Section 24(b) Both b and c None 4. What is the maximum penalty for failure to file a return of income under Section 271F? ₹1,000 ₹5,000 ₹10,000 ₹50,000 None 5. Which section covers deductions for donations to the Clean Ganga Fund? Section 80G Section 80GGA Section 80D Section 80E None 6. Which section covers taxation of perquisites received by employees? Section 10(10D) Section 17(2) Section 24(a) Section 89(1) None 7. What is the time limit for submitting Form 10E to claim relief under Section 89? Before filing the income tax return At the time of filing the income tax return After filing the income tax return No specific time limit None 8. What is the basic exemption limit for senior citizens (60–80 years of age) in FY 2023-24? ₹2,50,000 ₹3,00,000 ₹5,00,0000 ₹10,00,000 None 9. Under Section 80C, which of the following investments qualifies for deductions? Fixed deposits for 3 years Life insurance premiums National Savings Certificate (NSC) All of the above None 10. Which section governs the taxation of income from undisclosed foreign assets? Section 69 Section 69A Black Money Act, 2015 Section 115BBE None 11. What is the maximum penalty for non-disclosure of international transactions under Section 271AA? ₹1 lakh ₹2 lakh ₹5 lakh ₹10 lakh None 12. What is the minimum threshold for applicability of Master File documentation under Rule 10DA? ₹100 crores consolidated revenue ₹500 crores consolidated revenue ₹1,000 crores consolidated revenue ₹5,500 crores consolidated revenue None 13. Which action of BEPS addresses Harmful Tax Practices? Action 2 Action 5 Action 7 Action 15 None 14. What is the withholding tax rate for fees for technical services paid to non-residents under Section 115A? 5% 10% 15% 20% None 15. What is the due date for submitting Form 15G to avoid TDS deduction? 31st March of the financial year 1st April of the financial year At the time of investment No specific due date None 16. Which form provides the annual summary of TDS for taxpayers? Form 26AS Form 16A Form 15H Form 24Q None 17. Under presumptive taxation (Section 44AD), what percentage of gross receipts is deemed to be income? 5% 8% 10% 12% None 18. What is the late filing fee for income tax returns under Section 234F for individuals with income exceeding ₹5 lakhs? ₹500 ₹1,000 ₹5,000 ₹10,000 None 19. Which form is used to claim relief under DTAA for foreign income? Form 10E Form 67 Form 15CA Form 3CEB None 20. Which section provides for carry-forward and set-off of capital losses? Section 72 Section 74 Section 70 Section 75 None 21. What is the tax treatment for winnings from horse races? Exempt Taxable at 20% Taxable at 30% Taxable at slab rates None 22. Which section provides exemptions for payments received under voluntary retirement schemes (VRS)? Section 10(10B) Section 10(10C) Section 10(10C) Section 10(15) None 23. Which form is used for filing an appeal with the Income Tax Appellate Tribunal (ITAT)? Form 35 Form 36 Form 34A Form 37 None 24. Under which section can deductions for interest on loan for higher education be claimed? Section 80C Section 80D Section 80E Section 80U None 25. Which section allows standard deduction for income from house property? Section 24(a) Section 10(14) Section 22 Section 44ADA None 26. What is the maximum deduction available for interest paid on education loans under Section 80E? ₹1,50,000 ₹2,00,000 ₹2,50,000 No maximum limit None 27. Under which section is capital gains exemption allowed for investment in specified bonds? Section 54 Section 54EC Section 80C Section 80E None 28. Which of the following is included under taxable perquisites for employees? Rent-free accommodation Employer’s contribution to EPF exceeding ₹2.5 lakh Interest-free loan above ₹20,000 All of the above None 29. What is the basic exemption limit for individuals under the new tax regime for FY 2023-24? ₹2,50,000 ₹3,00,000 ₹5,00,000 ₹6,00,000 None 30. Which section governs the applicability of General Anti-Avoidance Rule (GAAR)? Section 94 Section 95 Section 115A Section 245 None 31. What is the tax rate for non-resident sports professionals under Section 115BBA? 5% 10% 15% 20% None 32. Which of the following is covered under BEPS Action 13? Transfer pricing documentation Country-by-country reporting Master file requirements All of the above None 33. Which article of a typical DTAA deals with business profits? Article 5 Article 7 Article 10 Article 12 None 34. Under Section 195, what is the responsibility of a payer making payments to a non-resident? To file Form 15CA/15CB To deduct tax at source To ensure compliance with DTAA provisions All of the above None 35. Which section deals with the taxability of gifts received from non-relatives? Section 56(2)(vii) Section 10(10D) Section 44ADA Section 115BBE None 36. What is the due date for filing TDS returns for Q4 of the financial year? 15th May 31st May 30th June 31st March None 37. Which section provides for deduction of interest on loans for purchase of an electric vehicle? Section 80EEB Section 80EEA Section 80E Section 80C None 38. Which section allows deduction for contribution to the National Pension Scheme (NPS)? Section 80C Section 80CCD(1B) Section 80D Section 80E None 39. What is the time limit for filing a belated return under Section 139(4) for FY 2023-24? 31st December 2024 31st March 2025 30th September 2024 31st January 2025 None 40. Which section governs the computation of Arm’s Length Price for transfer pricing? Section 92C Section 94B Section 115A Section 90 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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