Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Direct Tax Laws and International TaxationTotal Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. Under section 80E, deduction for interest on loans taken for higher education is available for a maximum period of: 5 years 10 years 8 years 3 years None 2. Under section 87A, an individual with a total income of up to ₹5 lakh is entitled to a rebate of: ₹2,500 ₹12,500 ₹15,000 ₹1,500 None 3. Section 115BBE deals with the taxation of income under the following category: Income from business of lottery, crossword puzzles, etc. Income from capital gains Income from house property Income from international transactions None 4. Which section of the Income-tax Act provides for taxation of a Hindu Undivided Family (HUF)? Section 10 Section 9 Section 64 Section 10(5) None 5. In which of the following cases can a resident individual opt for presumptive taxation under section 44ADA? If the annual turnover is less than ₹1 crore If the taxpayer is engaged in the profession of legal, medical, engineering, etc. If the taxpayer is a non-resident If the taxpayer is engaged in business and not profession None 6. A non-resident Indian (NRI) is required to file a tax return in India if: They have income exceeding ₹2,50,000 in India They are residing in a foreign country They have no income from India They are working in India None 7. Under section 44AB, a person engaged in business or profession is required to get their accounts audited if their turnover exceeds: ₹1 crore ₹2 crore ₹5 crore ₹10 crore None 8. Section 56(2)(vii) relates to the taxation of: Gifts received by an individual from a relative Gifts received by an individual in cash or property exceeding ₹50,000 Shareholders' dividends Salaries of employees None 9. Under section 10(10C), the maximum exemption available to an employee under a voluntary retirement scheme (VRS) is: ₹3,00,000 ₹5,00,000 ₹1,00,000 ₹2,50,000 None 10. Which of the following forms is used for filing income tax returns for an individual in India? ITR-1 ITR-2 ITR-3 ITR-4 None 11. Under section 80D, an individual can claim a deduction for: Medical treatment for self Health insurance premiums for self, spouse, and children Donations made to charity Pension contributions None 12. A company incorporated outside India is considered an Indian resident if: It is controlled by an Indian resident It is managed and controlled from India It has an Indian subsidiary It holds more than 50% shares in an Indian company None 13. What is the rate of tax on long-term capital gains from the transfer of listed equity shares or equity mutual funds under section 112A? 5% 10% 15% 20% None 14. The maximum amount of deduction allowed for interest on home loans under section 80EEA for first-time homebuyers is: ₹50,000 ₹1,00,000 ₹1,50,000 ₹2,00,000 None 15. Which of the following is exempt from tax under section 10(1) of the Income-tax Act? Agricultural income Capital gains from the sale of agricultural land Income from rural development bonds Dividend income from Indian companies None 16. What is the maximum amount that can be claimed under section 80G for donations made to political parties? 100% without any upper limit 50% without any upper limit 100% subject to a maximum of ₹2,000 50% subject to a maximum of ₹1,000 None 17. Which of the following income is not taxable in the hands of a non-resident under section 9(1)? Income from business connection in India Income from transfer of property situated in India Income from employment in India Income from agricultural land situated outside India None 18. Under section 92, the provisions of transfer pricing are applicable to: Transactions between related entities Transactions with government authorities Transactions with foreign governments All of the above None 19. The rate of tax on income from royalty for non-residents under the provisions of the Income-tax Act is: 5% 10% 15% 20% None 20. A taxpayer earning income from a foreign source can claim a tax credit for taxes paid abroad under which section of the Income-tax Act? Section 91 Section 90 Section 115B Section 9 None 21. Under section 10(13A), house rent allowance (HRA) received by an employee is exempt up to the least of: Actual HRA received 50% of salary if residing in a metro city Rent paid minus 10% of salary All of the above None 22. Which of the following types of income is subject to the provisions of section 80RRB? Income from royalty on patents Income from a foreign bank account Income from government bonds Dividend income None 23. Section 44AD applies to which of the following types of taxpayers? Companies Professionals Small businesses with turnover up to ₹2 crore Non-resident taxpayers None 24. Under section 10(12), the amount of the following is exempt from tax: Leave encashment received Salary received in the form of foreign currency Leave travel allowance (LTA) House rent allowance (HRA) None 25. Which of the following deductions is available under section 80U? Deduction for medical expenses for a disabled person Deduction for interest on home loans Deduction for donations made to charities Deduction for income earned by the elderly None 26. Section 115J deals with: Tax on foreign income Minimum Alternate Tax (MAT) Presumptive taxation for small businesses Tax on long-term capital gains None 27. Under section 44ADA, eligible professionals can declare a presumptive income of: 40% of total receipts 50% of total receipts 60% of total receipts 70% of total receipts None 28. What is the maximum deduction under section 80CCF for investment in infrastructure bonds? ₹50,000 ₹1,50,000 ₹2,00,000 ₹3,00,000 None 29. Under section 80QQB, royalty income received by an author from books is eligible for a deduction of up to: ₹1,50,000 ₹2,50,000 ₹3,00,000 ₹5,00,000 None 30. Under section 9(1)(vi), income in the form of royalties paid by an Indian company to a non-resident is subject to tax at: 10% 15% 20% 30% None 31. The provision for taxation of capital gains on the sale of a capital asset is covered under: Section 44 Section 45 Section 46 Section 47 None 32. A person can claim a deduction for interest on a housing loan under section 80EEA only if The property is self-occupied The loan is sanctioned between 1st April 2019 and 31st March 2022 The property is sold within 5 years of acquisition The taxpayer is a senior citizen None 33. Section 80U allows deductions for: Deduction for interest on home loan Deduction for medical treatment of a person with a disability Deduction for income from rural development bonds Deduction for education-related expenses None 34. Under section 10(14), special allowances granted to an employee for travel purposes are: Fully taxable Partially exempt Fully exempt Deductible from income None 35. Taxation of gifts received from non-relatives exceeding ₹50,000 is taxable under: Section 56(2)(vii) Section 56(2)(vi) Section 10(13A) Section 10(1) None 36. The maximum deduction available under section 80E for interest paid on loans taken for higher education is: ₹25,000 ₹50,000 ₹1,00,000 No maximum limit None 37. Under section 80G, donations to which of the following are eligible for a 100% deduction without any qualifying limit? Donation to the National Defence Fund Donation to an educational institution Donation to a political party Donation to a religious trust None 38. Under section 10(10D), the maturity proceeds of a life insurance policy are exempt from tax if the premium does not exceed: 10% of the sum assured 20% of the sum assured ₹50,000 ₹1,00,000 None 39. What is the tax rate on the income from the transfer of long-term capital assets like shares and bonds, under section 112A? 5% 10% 15% 20% None 40. Under section 44ADA, the presumptive taxation scheme is applicable to: Small businesses with annual turnover less than ₹1 crore Professionals with gross receipts up to ₹50 lakh Agriculture-based income Non-residents 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. 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