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. Section 80RRB provides a deduction for income received from: Books and literary works Income from intellectual property rights Rent received from property Income from pension None 2. What is the maximum limit for deductions under section 80C in a financial year? ₹50,000 ₹1,00,000 ₹1,50,000 ₹2,00,000 None 3. Under section 10(10B), an employee receiving voluntary retirement benefits is eligible for an exemption of up to: ₹3,00,000 ₹5,00,000 ₹2,50,000 ₹1,00,000 None 4. Which of the following forms is used by a non-resident to file income tax returns in India? ITR-1 ITR-2 ITR-3 ITR-4 None 5. A company is considered a resident of India if it is: Controlled from India Incorporated in India Has a place of effective management in India Both A and B None 6. Under section 115JB, a company is required to pay minimum alternate tax (MAT) if its book profits exceed: ₹1 crore ₹10 crore ₹5 crore ₹50 lakh None 7. Tax on income from foreign sources, when the taxpayer is a non-resident, is governed by: Section 9 Section 91 Section 92 Section 94 None 8. A taxpayer is eligible for tax relief under the provisions of the Double Taxation Avoidance Agreement (DTAA) by: Tax credit Tax exemption Both A and B None of the above None 9. Under the provisions of section 80GG, a deduction is available for: Rent paid by an individual Interest on home loan Donations made to charity Investment in government bonds None 10. Which of the following is treated as income from "Other Sources" under section 56? Interest on savings bank account Interest on fixed deposit Rent from house property Dividend from a foreign company None 11. The tax rate for a foreign company in India is: 25% 30% 40% 35% None 12. Under section 10(13A), house rent allowance (HRA) is exempt from tax if it is: Less than the actual rent paid Up to 10% of the salary The minimum of actual rent received, 50% of salary (in metro cities), and rent paid minus 10% of salary None of the above None 13. Under section 44AB, an audit of the accounts is mandatory if the turnover exceeds: ₹50 lakh ₹1 crore ₹2 crore ₹5 crore None 14. Which of the following is NOT eligible for a deduction under section 80C? National Savings Certificate (NSC) Employee Provident Fund (EPF) Home loan principal repayment Fixed deposit with a bank None 15. Under section 10(12), the exemption for leave travel concession is available: Once a year Once in two years Once in three years Every year None 16. A taxpayer can carry forward and set off short-term capital losses for a maximum period of: 1 year 3 years 5 years 8 years None 17. Which of the following is not a tax-free income in the hands of the taxpayer? Dividend from Indian companies Agricultural income Income from long-term capital gains from listed shares Income from long-term capital gains from listed shares None 18. Under section 115A, the tax rate on royalty income received by a non-resident is: 10% 20% 25% 30% None 19. A non-resident taxpayer is eligible for a deduction under section 80C if they meet the following criteria: They are an NRI They have invested in eligible schemes They are a resident of India All of the above None 20. The maximum deduction available under section 80EE for interest on housing loans for first-time homebuyers is: ₹25,000 ₹50,000 ₹1,00,000 ₹2,00,000 None 21. Under section 10(37), the compensation received for the transfer of agricultural land is exempt from tax if: It is received under a government scheme It is transferred for construction of a housing project The land is used for farming for more than 10 years The land is located in a rural area None 22. In case of a foreign company, the tax rate on royalty income is: 10% 20% 30% 40% None 23. In the case of a resident individual, under section 80G, the maximum amount that can be deducted for donations to charitable organizations is: ₹50,000 ₹1,00,000 ₹1,50,000 No maximum limit None 24. The tax rate for a resident individual in the age group of 60 years or more but less than 80 years is: 10% 20% 30% 5% None 25. Tax paid under section 91 on foreign income can be claimed as a credit against: Income from Indian sources Tax on agricultural income Foreign taxes paid in excess Tax on international income None 26. The provisions of transfer pricing are applicable under section 92 if the taxpayer is involved in: Transactions with foreign governments Transactions between related parties Transactions in agricultural land None of the above None 27. Under the provisions of the Income-tax Act, the tax rate on dividends paid by a domestic company is: 5% 10% 15% 20% None 28. Which of the following is not a permissible tax deduction under section 80E? Tuition fees for self Loan repayment for education Interest on loan for higher studies Interest on education loan None 29. A resident taxpayer’s share of income from a Hindu Undivided Family (HUF) is: Taxable under the head "Income from Other Sources" Exempt from tax Taxable under the head "Income from House Property" Taxable under the head "Income from Business" None 30. In case of a transfer of assets, the capital gains tax applies to: Income from capital assets Income from rental property Income from shares held for less than a year All of the above None 31. Under section 10(34), dividend income received by an individual is exempt from tax if: The dividend is received from a domestic company The dividend is received from a foreign company The dividend is declared by a charitable trust None of the above None 32. The provisions relating to tax deduction at source (TDS) on rent payments are covered under: Section 192 Section 194 Section 1941 Section 195 None 33. The term "person" under the Income-tax Act includes: Individuals only Hindu Undivided Families only Companies only All of the above None 34. Which of the following expenses is deductible under section 80D for a health insurance policy? Premium for self, spouse, children, and parents Medical expenses of dependents Costs of hospitalization None of the above None 35. The maximum limit for tax exemption under section 10(10A) for commutation of pension is: ₹2,50,000 ₹3,50,000 ₹5,00,000 ₹10,00,000 None 36. Under the provisions of the Income-tax Act, the tax rate for a non-resident on income from interest on foreign currency loans is: 15% 20% 30% 40% None 37. Which of the following is a deduction allowed under section 80TTA for interest on savings accounts? ₹10,000 for all taxpayers ₹50,000 for senior citizens ₹10,000 for individuals below 60 years ₹20,000 for all taxpayers None 38. The provisions for tax on income of non-resident sports persons are covered under: Section 115A Section 80C Section 194C Section 9 None 39. Under section 44AD, a small business with a turnover up to ₹2 crore is subject to: Tax on presumptive income at 8% Tax on presumptive income at 10% Tax on income at normal rates Tax exemption None 40. Under section 10(10C), compensation received by an employee for voluntary retirement is exempt from tax up to: ₹1,00,000 ₹3,00,000 ₹5,00,000 ₹2,50,000 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. 1 2 3 4 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!