Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Direct and Indirect 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 of the following incomes is not taxable under the head 'Income from Salaries'? Gratuity received by a government employee Bonus received by a private employee Family pension received after the death of an employee Arrears of salary received in the previous year None 2. Income received in India is taxable for which category of taxpayers? Resident Non-resident Resident but not ordinarily resident All of the above None 3. The maximum amount of deduction under Section 80C is: ₹1,50,000 ₹2,00,000 ₹1,00,000 ₹2,50,000 None 4. Which of the following is not a capital asset? House property Agricultural land in a rural area Jewelry Equity shares None 5. Which section of the Income Tax Act deals with depreciation? Section 32 Section 37 Section 36 Section 35 None 6. Income earned by a minor child is taxable in the hands of: The child The parent whose income is higher The guardian None of the above None 7. The due date for filing income tax returns for individual taxpayers (not subject to audit) is: 31st March 31st July 30th September 31st December None 8. Which section allows for the exemption of agricultural income? Section 10(1) Section 24 Section 80TTA Section 54 None 9. Long-term capital gains on the sale of equity shares are taxable under Section 112A at: 10% 15% 20% 5% None 10. Advance tax is payable when the tax liability exceeds: ₹5,000 ₹10,000 ₹50,000 ₹20,000 None 11. The rate of tax on short-term capital gains under Section 111A is: 10% 15% 20% 5% None 12. Tax audit is mandatory if the turnover of a business exceeds: ₹1 crore ₹10 crore ₹5 crore ₹50 lakh None 13. Under Section 80D, the deduction for premium paid for senior citizens’ health insurance is limited to: ₹50,000 ₹25,000 ₹75,000 ₹1,00,000 None 14. Loss from house property can be set off against other income up to: ₹1,50,000 ₹2,00,000 ₹50,000 ₹1,00,000 None 15. Which of the following is not eligible for deduction under Section 80G? Donations to PM Relief Fund Donations to a registered political party Donations to an approved charitable institution Donations to the Clean Ganga Fund None 16. The basic exemption limit for individuals below 60 years of age is: ₹2,50,000 ₹3,00,000 ₹5,00,000 ₹2,00,000 None 17. Which of the following incomes is considered exempt under Section 10? Interest on fixed deposits Agricultural income Business income Salary None 18. TDS on payment of rent under Section 194I is deducted if the annual rent exceeds: ₹2,40,000 ₹1,80,000 ₹3,00,000 ₹2,00,000 None 19. The income of a minor child clubbed under Section 64 is eligible for an exemption up to: ₹1,500 per child ₹2,500 per child ₹1,000 per child ₹2,000 per child None 20. The residential status of an individual is determined for tax purposes based on: Place of birth Number of days spent in India Citizenship Income earned None 21. Under Section 44AD, presumptive taxation applies to businesses with a turnover of up to: ₹50 lakh ₹1 crore ₹2 crore ₹5 crore None 22. Income of a partnership firm is taxable at a flat rate of: 25% 30% 15% 20% None 23. Deduction under Section 80TTA for interest on savings bank accounts is limited to: ₹5,000 ₹10,000 ₹50,000 ₹25,000 None 24. Which of the following is an example of a deemed asset under the Wealth Tax Act? A house used for business purposes A house given on rent for 150 days in a year Jewelry owned by a taxpayer Cars used for commercial purposes None 25. The rate of TDS for payments made to contractors under Section 194C is: 2% for individuals and HUFs, 1% for others 1% for individuals and HUFs, 2% for others 5% for all 3% for all None 26. Which of the following incomes is not chargeable to tax under the head 'Income from Other Sources'? Interest on securities Dividend income from domestic companies Rental income from house property Family pension None 27. An individual taxpayer can claim a standard deduction of ₹50,000 under the head: Income from Salary Income from House Property Income from Business Income from Other Sources None 28. Capital gains arise from the transfer of a capital asset as defined under: Section 2(14) Section 2(15) Section 10(5) Section 80C None 29. Which of the following is a condition for availing benefits under Section 54? Sale of a commercial property Investment in another residential house Sale of agricultural land in an urban area Donation to charitable trusts None 30. Which of the following incomes is fully exempt from tax? Dividend income exceeding ₹10,00,000 Agricultural income Short-term capital gains under Section 111A Income from lottery None 31. What is the maximum limit for deduction under Section 80E for interest on an education loan? ₹1,50,000 ₹2,00,000 No maximum limit ₹75,000 None 32. The basic exemption limit for senior citizens (aged 60 or above but less than 80) is: ₹2,50,000 ₹3,00,000 ₹5,00,000 ₹1,50,000 None 33. Which section allows deductions for rent paid by self-employed individuals? Section 80C Section 80GG Section 80G Section 80D None 34. What is the time limit for carrying forward a loss from house property? 4 years 8 years Indefinitely 10 years None 35. Income earned by a Hindu Undivided Family (HUF) is taxable in the hands of: Karta Individual members HUF as a whole Trustee None 36. What is the maximum exemption limit for leave encashment received by a non-government employee? ₹2,50,000 ₹5,00,000 ₹3,00,000 ₹10,00,000 None 37. Under Section 24(b), the maximum interest deduction for a self-occupied house is: ₹2,50,000 ₹2,00,000 ₹1,50,000 ₹3,00,000 None 38. Agricultural income is considered for calculating tax in the case of: All taxpayers Only individuals with income exceeding the basic exemption limit Non-residents Individuals earning above ₹5,00,000 None 39. Which of the following is not eligible for deduction under Section 80C? Life insurance premium Fixed deposit in a scheduled bank for 5 years Repayment of housing loan principal Interest paid on a housing loan None 40. The time limit for issuing a refund by the Income Tax Department is: 6 months from the date of filing the return 1 year from the end of the assessment year 2 years from the end of the assessment year No time limit 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!
