Test 704 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 computation of capital gains on depreciable assets? Section 45 Section 50 Section 54 Section 80C None 2. What is the holding period for short-term capital gains on listed equity shares? Less than 6 months Less than 12 months Less than 24 months Less than 36 months None 3. Under which section are exemptions allowed for reinvestment in two residential houses? Section 54 Section 54F Section 54B Section 54GB None 4. Which section provides deductions for family pension income? Section 57(iia) Section 56(ii) Section 44ADA Section 80GG None 5. What is the indexed cost of acquisition for capital gains computation? Original cost × CII of transfer year ÷ CII of acquisition year original cost × CII of acquisition year ÷ CII of transfer year Original cost ÷ CII of transfer year × CII of acquisition year None of the above None 6. Which section governs the taxation of non-residents' shipping income? Section 44B Section 44C Section 44D Section 44DA None 7. Which section covers the taxation of capital gains on shares and debentures for non-residents? Section 48 Section 49 Section 50 Section 115AC None 8. Which section provides for advance pricing agreements (APAs) in India? Section 92CC Section 92E Section 90A Section 94B None 9. What is the tax rate on dividends earned by foreign companies from domestic companies? 10% 15% 20% 25% None 10. What is the arm's length margin under Safe Harbor Rules for IT/ITES companies? 10% 15% 17% 20% None 11. Which section allows exemptions for agricultural income? Section 10(1) Section 10(5) Section 11 Section 14 None 12. Which section governs the taxation of retirement gratuity? Section 10(10) Section 17(1) Section 24(b) Section 80C None 13. What is the tax rate for winnings from lotteries under Section 115BB? 10% 15% 20% 30% None 14. Which section allows deductions for preventive health check-up expenses? Section 80C Section 80D Section 80DD Section 80U None 15. What is the maximum exemption for leave encashment for non-government employees? ₹1,00,000 ₹2,00,000 ₹3,00,000 ₹5,00,000 None 16. Under which section can an assessee claim deduction for donations to political parties? Section 80G Section 80GGB Section 80GG Section 80E None 17. Which section governs tax on long-term capital gains on listed equity shares? Section 112 Section 112A Section 54 Section 56(2) None 18. What is the threshold limit for taxability of interest on provident fund contributions? ₹2.5 lakhs ₹3.5 lakhs ₹5 lakhs ₹10 lakhs None 19. Which form is used to submit a TDS certificate for salary income? Form 12BB Form 16 Form 15G Form 26AS None 20. Which section governs clubbing of income of a minor child? Section 60 Section 64(1A) Section 80C Section 56 None 21. Which section provides for equalization levy on e-commerce operators? Section 163 Section 165A Section 166 Section 115BBA None 22. What is the tax rate for interest on external commercial borrowings (ECB) under Section 194LC? 4% 5% 10% 15% None 23. What does Article 5 of a DTAA typically define? Permanent Establishment (PE) Dividends Capital Gains d) Business Profits Business Profits None 24. Which BEPS action focuses on limiting Base Erosion via interest deductions? Action 2 Action 4 Action 10 Action 13 None 25. Which form is used for Transfer Pricing Compliance certification? Form 3CEB Form 3CD Form 3CA Form 67 None 26. Which section provides relief for arrears of pension received by a retired individual? Section 80C Section 80U Section 89 Section 90 None 27. What is the penalty for non-maintenance of prescribed books of accounts? ₹25,000 ₹50,000 ₹1,00,000 ₹2,00,000 None 28. Which section governs taxation of advance money forfeited on sale of property? Section 54 Section 54EC Section 56(2)(ix) Section 115BBE None 29. Which section allows for a deduction of interest on loans for specified infrastructure? Section 80EE Section 80EEB Section 80C Section 80IA None 30. What is the penalty for under-reporting income under Section 270A? 50% of tax payable on under-reported income 100% of tax payable on under-reported income ₹1,00,000 ₹50,000 None 31. Which section governs presumptive taxation for transporters? Section 44ADA Section 44AE Section 44AD Section 44DB None 32. Which section allows exemption for compensation received on compulsory acquisition of land? Section 10(37) Section 10(38) Section 10(34) Section 80GGA None 33. What is the concessional tax rate under Section 115BAB for new manufacturing companies? 10% 15% 20% 25% None 34. Which form is filed for an appeal with the Commissioner of Income Tax (Appeals)? Form 34 Form 35 Form 36 Form 37 None 35. What is the surcharge rate applicable for individuals earning above ₹2 crores but up to ₹5 crores? 15% 25% 37% 10% None 36. Which section deals with taxation of speculative business income? Section 28 Section 35 Section 43(5) Section 45 None 37. Which section allows deduction for interest on loans taken for higher studies outside India? Section 80E Section 80C Section 80EE Section 80EEA None 38. What is the maximum period allowed for carrying forward unabsorbed depreciation? 4 years 8 years 16 years Indefinite None 39. Under the new tax regime, what is the tax rate applicable for individuals with income between ₹12,00,001 and ₹15,00,000? 10% 15% 20% 25% None 40. Which section governs the taxation of unrealized rent recovered in subsequent years? Section 24 Section 25AA Section 56 Section 80C None 1 out of 4 Great job on taking the INCOC Test! 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