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 tax on winnings from horse races is charged under: Income from Salaries Income from Business Income from Other Sources Capital Gains None 2. What is the tax treatment of a trust set up for the benefit of an individual? Exempt from tax Taxable under the head "Income from Trust" Taxable under the head "Income from Other Sources" Taxable under the head "Income from Business" None 3. The maximum limit for exemption of leave encashment received by a non- government employee is: ₹1,00,000 ₹2,50,000 ₹3,00,000 ₹5,00,000 None 4. Under which section are income from lotteries, puzzles, etc., charged at a flat rate of 30%? Section 56 Section 115BB Section 80G Section 80GGB None 5. The exemption on interest on savings accounts is available under Section: 10(10D) 80TTA 24(b) 80C None 6. What is the maximum amount of deduction available under Section 80E for interest on a loan for higher education? ₹1,50,000 ₹50,000 ₹2,00,000 No maximum limit None 7. The tax on income from the sale of shares held for less than a year is: 10% 20% 15% 30% None 8. What is the maximum exemption allowed under Section 10 for the income of a charitable trust? ₹50,000 ₹1,00,000 ₹2,00,000 Unlimited, provided conditions are satisfied None 9. The taxable amount under the head "Income from House Property" is calculated after reducing: Standard deduction Interest on borrowed capital Repairs and maintenance All of the above None 10. The rate of TDS on rent paid for machinery or plant under Section 194I is: 2% 20% 12% 45% None 11. The amount of deduction allowed under Section 80C for investment in the National Savings Certificate (NSC) is: ₹1,00,000 ₹1,50,000 ₹50,000 ₹2,00,000 None 12. Which section provides the mechanism for assessing income in the case of a partnership firm? Section 44AD Section 44AB Section 28 Section 40(b) None 13. The amount of TDS for professional fees paid under Section 194J is: 5% 15% 10% 25% None 14. Income from the sale of agricultural land in rural areas is: Taxable under Income from Other Sources Taxable under Capital Gains Exempt from tax Taxable under Business Income None 15. What is the maximum exemption available under Section 80C for life insurance premiums paid? ₹25,000 ₹50,000 ₹1,00,000 ₹1,50,000 None 16. The due date for filing income tax returns for taxpayers who are subject to tax audit is: 31st July 30th September 31st December 15th February None 17. Under Section 80C, which of the following is eligible for a deduction? National Pension Scheme Medical Insurance premiums Tax-free bonds Contributions to a recognized provident fund None 18. The rate of TDS on rent paid for land or building under Section 194I is: 10% 15% 20% 30% None 19. Which section of the Income Tax Act deals with the assessment of a company? Section 139 Section 144 Section 147 Section 115JB None 20. The tax rate on short-term capital gains on the sale of listed shares under Section 111A is: 5% 10% 15% 25% None 21. Which section of the Income Tax Act relates to the taxation of capital gains arising from the transfer of shares? Section 2(14) Section 2(22) Section 45 Section 50 None 22. The taxable event under GST is: Manufacturing Supply of goods and services Import of goods and services Sale of goods None 23. Under Section 56(2)(vii), gifts received from non-relatives exceeding: ₹25,000 ₹50,000 ₹1,00,000 ₹2,00,000 None 24. Under the presumptive taxation scheme for businesses with turnover up to ₹2 crore, the income is computed at: 5% of turnover 6% of turnover 15% of turnover 8% of turnover None 25. The maximum limit for tax-free income from a tax-saving fixed deposit under Section 80C is: ₹1,00,000 ₹1,50,000 ₹50,000 ₹2,00,000 None 26. Which of the following is considered income from 'other sources'? Salary Dividend income Profit from business Income from capital gains None 27. The rate of TDS on payments to a contractor under Section 194C is: 5% 1% 2% 3% None 28. Under Section 80G, the maximum deduction for donations to the National Defense Fund is: 50% 40% 100% 55% None 29. Deduction under Section 80D for medical insurance premiums paid for senior citizens is: ₹25,000 ₹50,000 ₹75,000 ₹1,00,000 None 30. Which of the following is a taxable perquisite under the head "Income from Salaries"? Rent-free accommodation Payment of medical expenses Reimbursement of telephone expenses None of the above None 31. Income from the sale of agricultural land is taxable under: Capital Gains Income from Business Income from Other Sources None of the above None 32. Which of the following can be claimed as a deduction under Section 80C? Pension fund contributions Donations to political parties Payments for professional courses Contributions to provident funds None 33. The tax-free amount for education scholarships is: ₹50,000 ₹1,00,000 Exempt from tax ₹2,00,000 None 34. The minimum tax rate for a taxpayer claiming tax under the "presumptive taxation" scheme for professionals under Section 44ADA is: 15% 14.5% 18.5% 35% None 35. The due date for filing an income tax return for a salaried person not subjected to audit is: 31st July 31st August 15th September 30th September None 36. The exemption for agricultural income applies under Section: 10(1) 10(2) 10(37) 10(34) None 37. Under Section 24(b), the deduction for interest on home loan is available for: Self-occupied property only Let-out property only Both self-occupied and let-out property None of the above None 38. Under Section 80E, the tax deduction is allowed for the repayment of: Education loan Home loan Car loan Medical insurance None 39. The rate of tax on winnings from the lottery or game show under Section 115BB is: 10% 20% 30% 40% None 40. Taxpayers with income above ₹2,50,000 but below ₹5,00,000 are eligible for a rebate under: Section 87A Section 10(10D) Section 80G Section 80E 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!
