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. What is the income threshold for individuals below 60 years of age to file income tax returns mandatorily? ₹2,50,000 ₹3,00,000 ₹5,00,000 ₹2,00,000 None 2. Which of the following incomes is exempt under Section 10? Salary income Dividend from a domestic company Agricultural income Income from capital gains None 3. Rebate under Section 87A is available for taxpayers whose total income does not exceed: ₹3,00,000 ₹5,00,000 ₹7,00,000 ₹10,00,000 None 4. Which section of the Income Tax Act deals with the clubbing of minor child’s income? Section 64(1A) Section 80C Section 10(32) Section 56(2) None 5. What is the maximum limit of deduction under Section 80C? ₹1,00,000 ₹1,50,000 ₹2,00,000 ₹2,50,000 None 6. Perquisites provided by the employer are taxable under the head: Salary Income from Other Sources Capital Gains Business Income None 7. Which of the following allowances is fully taxable? House Rent Allowance Transport Allowance Entertainment Allowance Allowance for Uniform None 8. What is the standard deduction allowed on Net Annual Value of a house property? 10% 20% 30% 40% None 9. Which of the following is deductible under Section 24(b)? Repairs Interest on borrowed capital Depreciation Municipal taxes None 10. Capital gain arising from the transfer of long-term capital assets is taxed at the rate of: 10% 15% 20% 25% None 11. Which of the following is a short-term capital asset? Equity shares held for 14 months Land held for 24 months Jewelry held for 30 months Debt funds held for 36 months None 12. Under Section 80D, the maximum deduction for premium paid on health insurance for parents is: ₹15,000 ₹25,000 ₹30,000 ₹50,000 None 13. Which section allows deduction for donations to charitable institutions? Section 80C Section 80G Section 80D Section 80E None 14. Deduction under Section 80E is available for: Medical treatment Higher education loan interest Housing loan interest Senior citizen medical expenses None 15. Which of the following incomes is not clubbed with the taxpayer’s income? Spouse’s income from a business controlled by the taxpayer Income of a minor child Income from a major child Spouse’s salary from a firm where the taxpayer is a partner None 16. Loss from house property can be set off against: Salary income only Income from other heads except salary Any head of income None of the above None 17. What is the arm’s length price in transfer pricing? Price determined by mutual agreement Price determined by independent parties in uncontrolled conditions Maximum retail price Price decided by the tax authorities None 18. Which method is not recognized under transfer pricing regulations? Comparable Uncontrolled Price Method Cost Plus Method Net Margin Method Residual Method None 19. Double taxation avoidance agreements (DTAA) are governed by: Section 90 Section 91 Section 92C Section 94A None 20. Tax credit method under DTAA allows: Deduction of foreign taxes from Indian taxes Exemption from taxation in India Deduction from total income Carry-forward of tax benefits None 21. Which organization developed the BEPS action plan? IMF OECD UN WTO None 22. BEPS Action 13 refers to: Digital economy taxation Country-by-country reporting Controlled foreign corporation rules Thin capitalization rules None 23. Which section deals with the taxation of royalty and fees for technical services received from non-residents? Section 115A Section 44B Section 94A Section 195 None 24. Advance Pricing Agreement (APA) aims to: Resolve transfer pricing disputes in advance Determine taxable income Ensure double taxation Reduce penalties on tax evasion None 25. An individual is considered a resident in India if they stay in India for: 120 days in the financial year 182 days or more in the financial year 300 days in 4 preceding years 60 days in the financial year and 365 days in 4 preceding years None 26. Income deemed to accrue or arise in India is taxable for: Non-residents only Residents only Residents and Non-residents Non-domicile individuals None 27. A person of Indian origin is treated as a resident if their stay exceeds: 120 days in the financial year 182 days in the financial year 240 days in the financial year 150 days in the financial year None 28. Winning from lotteries is taxable at a flat rate of: 20% 25% 30% 35% None 29. Interest on tax refunds is taxable under which head? Salary Income from Other Sources Capital Gains Business Income None 30. If income is transferred without transferring the asset, it is taxable in the hands of: Transferor Transferee Beneficiary Trustee None 31. Income from assets transferred to a spouse is taxable in the hands of: Spouse Transferor Transferee None of the above None 32. Loss under the head "House Property" can be carried forward for: 4 years 8 years 10 years Indefinitely None 33. Losses under the head "Capital Gains" can be set off against: Any income Only capital gains income Business income Salary income None 34. The income of a minor child is clubbed with the income of: Father only Mother only Higher-income parent Guardian None 35. Rate of Minimum Alternate Tax (MAT) for domestic companies is: 15% 18.5% 22% 25% None 36. Dividend Distribution Tax (DDT) is payable by: Shareholders Companies LLPs Partners None 37. Deduction under Section 80GGB is available for contributions to: Political parties by companies Political parties by any person Charitable institutions Research institutes None 38. The maximum deduction available under Section 80TTA is: ₹10,000 ₹20,000 ₹50,000 ₹1,00,000 None 39. Safe harbor rules relate to: Profit-linked deductions Transfer pricing compliance Tax refunds Capital gains taxation None 40. The benchmark method in transfer pricing is generally: Cost plus method Resale price method Comparable uncontrolled price method Transactional net margin method 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!