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 Remuneration to partners is subject to limits under: Section 40(b) Section 44AD Section 115JB Section 43B None TDS on salary is deducted under: Section 192 Section 194A Section 195 Section 194C None The threshold limit for TDS on interest other than securities (Section 194A) is: ₹5,000 ₹10,000 ₹20,000 ₹50,000 None TDS under Section 194C applies to: Payments to contractors and sub-contractors Payments for purchase of goods Payment of salary Rent payments None The rate of TDS on winnings from lotteries under Section 194B is: 20% 30% 40% 10% None TDS on rent is deducted under: Section 194J Section 194C Section 194I Section 195 None TDS under Section 194N applies to cash withdrawals exceeding: ₹1 lakh ₹10 lakh ₹20 lakh ₹50 lakh None Form used for quarterly TDS returns is: Form 26AS Form 16A Form 24Q Form 10E None Late filing fees for TDS returns under Section 234E is: ₹100 per day ₹200 per day ₹500 per day ₹1,000 per day None TDS certificates are issued in: Form 16 for salary Form 16A for other payments Both a) and b) None of the above None TDS on fees for professional services under Section 194J is: 5% 10% 20% 15% None The rate of tax applicable to a partnership firm is: 25% 30% 35% 20% None The amount of interest on capital allowable as a deduction to partners cannot exceed: 12% per annum 8% per annum 10% per annum No limit None Which section deals with Alternate Minimum Tax (AMT) for LLPs? Section 115BBE Section 115JC Section 44AD Section 92C None Remuneration to partners is allowed as deduction if the partnership deed specifies: The name of the partner only The amount or the method of computation of remuneration The tenure of the partnership The capital contribution of each partner None None Rebate under Section 87A is available for individuals with total income not exceeding: ₹2,50,000 ₹5,00,000 ₹7,00,000 ₹10,00,000 None Standard deduction for salaried individuals is fixed at: ₹25,000 ₹40,000 ₹50,000 ₹1,00,000 None Taxable income from other sources includes: Dividend income Lottery winnings Interest income All of the above None Advance tax is payable if the estimated tax liability exceeds: ₹5,000 ₹10,000 ₹15,000 ₹20,000 None Tax deduction under Section 80C is limited to: ₹1,00,000 ₹1,50,000 ₹2,00,000 ₹2,50,000 None Income from house property is taxable if: The property is owned by the taxpayer The property is used for residential or commercial purposes Both a) and b) None of the above None Deduction for interest on home loan for self-occupied property is limited to: ₹1,00,000 ₹1,50,000 ₹2,00,000 ₹2,50,000 None Municipal taxes paid by the owner are: Fully deductible Partially deductible Deductible only if borne by the tenant Not deductible None Standard deduction from net annual value is: 20% 25% 30% 35% None If a property is let out, income from house property is calculated as: Rent received only Annual value minus deductions Gross value without deductions None of the above None Corporate tax rate for domestic companies under the new regime is: 15% 22% 25% 30% None MAT (Minimum Alternate Tax) is levied under Section: Section 115JB Section 115BBE Section 92A Section 80IA None The surcharge on corporate tax for companies with income exceeding ₹1 crore is: 5% 10% 7% 12% None Dividend income received by a domestic company is taxable under: Section 115BBE Section 115O Section 56(2) Section 115BBD None Companies opting for Section 115BAA are not eligible for: MAT credit 80C deductions Both a) and b) None of the above None Income taxable under the head "Income from Other Sources" is: Agricultural income Salary income Casual income like lottery winnings Profits from business None The maximum deduction allowed under Section 80TTA for interest on a savings bank account is: ₹5,000 ₹10,000 ₹25,000 ₹50,000 None Dividend income above ₹10 lakh is taxable at: 10% 20% 15% 30% None Family pension is taxable under the head: Salary Income from Other Sources Income from House Property Capital Gains None Scrutiny assessment is covered under: Section 139 Section 143(3) Section 148 Section 154 None Belated return can be filed under Section: Section 139(4) Section 139(5) Section 148 Section 143 None Revised return can be filed before the end of: Assessment year Relevant financial year Three months after the end of the financial year Completion of the assessment or the end of the assessment year, whichever is earlier None An intimation under Section 143(1) is issued for: Refunds Arithmetical errors or incorrect claims Adjustments to the return All of the above None The time limit for completion of assessment under Section 143(3) is: 12 months from the end of the relevant assessment year 18 months from the end of the relevant assessment year 24 months from the end of the relevant financial year No time limit None 1 out of 4 Great job on taking the INCOC Test! 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