Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: 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 State Which section of the Income Tax Act deals with set-off and carry forward of losses? Section 70 to 74A Section 80C Section 44AB Section 24 None Loss from house property can be set off against: Salary income only Income from other heads except salary Any head of income None of the above None Loss under the head “Capital Gains” can be set off against: Salary income House property income Capital gains only Business income None The time limit for carrying forward unabsorbed depreciation is: 8 years 10 years Indefinite 4 years None Loss from speculation business can be carried forward for a maximum period of: 4 years 8 years 6 years 10 years None Income of a minor child is included in the hands of: The parent with higher income The parent with lower income The child himself None of the above None Clubbing provisions for assets transferred to a spouse apply under which section? Section 64(1)(iv) Section 10(10D) Section 80C Section 24(b) None Which of the following incomes is not clubbed? Income from assets transferred to a spouse without adequate consideration Income of a minor child Income of a major child Income from assets transferred to daughter-in-law None Clubbing provisions do not apply to: Salary income of a minor child Income earned by a minor child using special talent Income from assets transferred to spouse Income of a wife from a business funded by the husband None If a husband transfers property to his wife for inadequate consideration, income from such property is taxable in the hands of: Husband Wife Both equally None of the above None TDS on salary is deducted under which section? Section 192 Section 194C Section 195 Section 194J None TDS on interest other than securities (bank deposits) is deducted under: Section 194A Section 194B Section 195 Section 194C None The rate of TDS on winning from lotteries is: 10% 15% 20% 30% None TDS on commission or brokerage is deducted under: Section 194A Section 194H Section 194C Section 194J None TDS under Section 194C applies to payments made to: Professionals Contractors Rent Salaries None Advance tax is payable if the total tax liability exceeds: ₹5,000 ₹10,000 ₹50,000 ₹1,00,000 None Which of the following assesses is not liable to pay advance tax? Salaried individual with no other income Professional with annual income above ₹10 lakh Company with taxable income Individual with income from house property and interest None Advance tax for corporate assesses is payable in how many installments? 3 4 2 1 None The due date for the last installment of advance tax is: 15th March 31st March 15th February 30th June None Interest for non-payment of advance tax is levied under which section? Section 234A Section 234B Section 234C Both b) and c) None Assessment under Section 143(1) is known as: Best judgment assessment Summary assessment Regular assessment Scrutiny assessment None The time limit for filing a revised return is: 3 months from the end of the relevant financial year Before the end of the relevant assessment year 12 months from the end of the relevant assessment year Before the assessment is completed None Which form is used for filing an appeal with the Income Tax Appellate Tribunal (ITAT)? Form 35 Form 36 Form 26AS Form 49A None The time limit for completion of scrutiny assessment under Section 143(3) is: 6 months from the end of the financial year 12 months from the end of the relevant assessment year 18 months from the end of the financial year 36 months from the end of the financial year None An income tax officer has the power to reopen assessments under Section: 147 143 234 192 None Under the new tax regime, the rebate under Section 87A is available for taxable income up to: ₹3,00,000 ₹5,00,000 ₹7,00,000 ₹10,00,000 None E-Verification of income tax returns is done using: Digital Signature Certificate (DSC) Aadhaar OTP Net banking EVC All of the above None Penalty for failure to file income tax return on time is levied under: Section 234F Section 234B Section 271A Section 234C None Which form is used for filing an income tax return for individuals with no business income? ITR-1 ITR-2 ITR-3 ITR-4 None Income tax in India is administered by: Reserve Bank of India Central Board of Direct Taxes (CBDT) Ministry of Corporate Affairs Comptroller and Auditor General (CAG) None An individual is said to be a resident in India if he stays in India for: 60 days or more in a financial year 182 days or more in a financial year 120 days or more in a financial year 240 days or more in a financial year None The income of a non-resident is taxable in India if: It is accrued or deemed to accrue in India It is earned and received outside India It is only received in India None of the above None A person is deemed to be "not ordinarily resident" if he has been a non-resident in India in: 2 out of the last 10 years 4 out of the last 10 years 5 out of the last 7 years 7 out of the last 10 years None Which of the following incomes is exempt for a non-resident? Dividend from an Indian company Interest on NRE account Rent from property in India Income from consultancy services in India None Income from salary earned by a resident outside India is: Taxable in India Exempt in India Partially taxable None of the above None Minimizing tax liability through legitimate methods is called: Tax evasion Tax avoidance Tax planning None of the above None The use of loopholes in tax laws to reduce liability is termed as: Tax evasion Tax avoidance Tax planning Tax exemption None Which of the following is an example of tax evasion? Under-reporting income Investing in tax-saving schemes Claiming deduction under Section 80C Filing a revised return None Which principle is violated in the case of tax evasion? Lawfulness Equity Voluntary compliance All of the above None Tax planning is considered effective when it is: Legal and aligns with tax laws Secretive and manipulative Based on false declarations Aimed at avoiding all taxes 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!
