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. The maximum deduction under Section 80C for investment in Sukanya Samriddhi Yojana is: ₹50,000 ₹1,00,000 ₹1,50,000 ₹2,00,000 None 2. A non-resident is taxed on income: Received in India only Accrued in India only Received or accrued in India Earned outside India None 3. Income of minor children is taxable in the hands of the parent under which section? Section 64(1A) Section 80C Section 44AD Section 139 None 4. The tax rate for Alternate Minimum Tax (AMT) under Section 115JC is: 15% 18.5% 25% 20% None 5. Which section deals with exemptions of income from mutual funds? Section 10(34) Section 10(35) Section 80 Section 56 None 6. What is the threshold limit for TDS on professional fees under Section 194J? ₹30,000 ₹50,000 ₹1,00,000 ₹25,000 None 7. Which section governs clubbing of income in the case of transfer of assets without adequate consideration? Section 60 Section 64 Section 61 Section 65 None 8. What is the maximum deduction for a disabled individual under Section 80U? ₹50,000 ₹1,00,000 ₹1,25,000 ₹75,000 None 9. The deduction under Section 80E is available for: Principal repayment of education loans Interest repayment of education loans Both principal and interest None of the above None 10. The maximum time limit for revising a return of income is: 1 year from the end of the relevant assessment year 6 months from the date of filing Before the end of the relevant assessment year or completion of assessment, whichever is earlier 2 years from the date of filing None 11. Which section governs the taxation of undisclosed income discovered during a search? Section 69A Section 69C Section 115BBE Section 68 None 12. The tax rate on short-term capital gains under Section 111A is: 10% 15% 20% 5% None 13. Under Section 44AD, presumptive income is calculated as: 10% of turnover 6% of turnover for digital transactions 5% of turnover 12% of turnover None 14. The maximum deduction available for medical expenses under Section 80D for senior citizens is: ₹25,000 ₹50,000 ₹1,00,000 ₹75,000 None 15. Tax on casual income is charged at: Normal slab rates 20% 30% 40% None 16. The exemption under Section 10(10D) for maturity proceeds of life insurance is not available if: Premium exceeds 10% of the sum assured Premium is paid for more than 20 years Policy term is less than 2 years Premium is paid in cash None 17. Which section deals with deductions for interest on deposits in savings accounts for senior citizens? Section 80TTA Section 80TTB Section 80C Section 24(b) None 18. The due date for filing an income tax return for companies is: 31st July 31st August 30th September 31st December None 19. The basic exemption limit for HUF is: ₹2,50,000 ₹3,00,000 ₹5,00,000 ₹6,00,000 None 20. TDS under Section 194C on payment to contractors is deducted at: 1% for individuals, 2% for others 2% for individuals, 1% for others 5% for all 3% for individuals, 5% for others None 21. Loss from house property can be carried forward for: 4 years 8 years 10 years Indefinitely None 22. Which section governs deductions for donations to specified funds under 80G? Section 80GGA Section 80GG Section 80GGC Section 80G None 23. Income from royalty and technical services is taxable under: Income from Salaries Income from Other Sources Capital Gains Income from Business None 24. A minor’s income from manual work is taxable under: Parent’s income Minor’s income Exempt income Clubbed only when exceeding ₹1,500 None 25. The amount of standard deduction allowed under the head "Income from House Property" is: 10% 30% 20% 40% None 26. Deduction under Section 80DD is allowed for: Medical treatment of the taxpayer Dependent disabled family members Health insurance premiums Contributions to NPS None 27. Taxability of deemed ownership of house property is covered under: Section 27 Section 24 Section 26 Section 30 None 28. TDS on payments to non-residents under Section 195 is deducted at: 10% 20% 30% As per rates prescribed None 29. Agricultural income is fully exempt under Section: 10(1) 10(2) 10(14) 10(34) None 30. Which section deals with the set-off of speculative business losses? Section 70 Section 73 Section 71 Section 80 None 31. Which section deals with the exemption of income from dividends on agricultural produce marketing committees? Section 10(1) Section 10(34) Section 10(29) Section 10(14) None 32. Deduction under Section 80GGA is available for contributions made to: Scientific research institutions Political parties Educational institutions Hospitals None 33. The maximum deduction allowed for medical expenses for very senior citizens under Section 80D is: ₹25,000 ₹50,000 ₹1,00,000 ₹75,000 None 34. A resident but not ordinarily resident (RNOR) is liable to pay tax on: Income received in India only Income earned outside India only Income received or accrued in India All global income None 35. The maximum limit for deduction under Section 80GG for rent paid is: ₹5,000 per month ₹10,000 per month ₹60,000 per annum ₹5,000 per month or 25% of total income, whichever is less None 36. Income from a property held under a trust for charitable purposes is exempt under: Section 11 Section 12 Section 13 Section 10 None 37. The deduction for interest on borrowed capital under Section 24(b) for a let- out property is: ₹1,00,000 ₹2,00,000 ₹Unlimited, subject to actual interest paid ₹3,00,000 None 38. Agricultural income is considered for calculating tax only if: It exceeds ₹10,000 The total income (excluding agricultural income) exceeds ₹2,50,000 The taxpayer is a non-resident The agricultural income exceeds ₹5,000 None 39. The maximum limit for exemption of Voluntary Retirement Scheme (VRS) compensation is: ₹5,00,000 ₹10,00,000 ₹20,00,000 ₹25,00,000 None 40. Which section deals with provisions for deducting tax on income from winning prizes? Section 192 Section 194B Section 194C Section 194H 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!
