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. Presumptive taxation under Section 44AD is applicable to: Companies LLPs Individuals and HUFs All taxpayers None 2. Under Section 44ADA, presumptive income for specified professionals is: 30% of gross receipts 50% of gross receipts 60% of gross receipts 75% of gross receipts None 3. Which of the following is not allowed as a deduction under Section 37? Personal expenses Expenses wholly for business purposes Capital expenditures Both A and C None 4. The threshold limit for maintaining books of accounts for a professional under Section 44AA is gross receipts exceeding: ₹25,00,000 ₹50,00,000 ₹1,00,00,000 ₹10,00,000 None 5. Indexation benefit is available for: Short-term capital gains Long-term capital gains Both short-term and long-term capital gains None of the above None 6. For equity shares held for more than 12 months, the tax rate for long-term capital gains exceeding ₹1 lakh is: 10% without indexation 15% without indexation 20% with indexation 30% without indexation None 7. Exemption under Section 54EC for investment in bonds is limited to: ₹25,00,000 ₹30,00,000 ₹50,00,000 ₹1,00,00,000 None 8. Which of the following is exempt from capital gains under Section 10(37)? Agricultural land Urban land Residential property Listed shares None 9. Business losses not set off in the current year can be carried forward for: 4 years 8 years 10 years Indefinitely None 10. Unabsorbed depreciation can be carried forward for: 8 years 10 years 15 years Indefinitely None 11. Deduction for interest on home loan under Section 24(b) is restricted to: ₹1,00,000 ₹1,50,000 ₹2,00,000 ₹2,50,000 None 12. Which section provides deduction for interest on education loans? Section 80E Section 80C Section 80EEA Section 80U None 13. Maximum deduction for senior citizens under Section 80D for medical insurance premium is: ₹25,000 ₹30,000 ₹50,000 ₹1,00,000 None 14. Deduction for donations to political parties is allowed under: Section 80GGC Section 80GGB Section 80U Section 80E None 15. Transfer of income without transferring the underlying asset results in: No taxability Taxability in the hands of transferor Taxability in the hands of transferee Exempt income None 16. Transfer pricing provisions apply when transactions are: Domestic only International only Both domestic and international under certain conditions Exempt from income tax None 17. Safe harbor rules are defined in: Section 92CB Section 90 Section 91 Section 44AD None 18. The threshold for Country-by-Country Reporting (CbCR) under BEPS Action 13 is: €500 million €750 million $1 billion $500 million None 19. Relief for doubly taxed income under unilateral relief is provided in: Section 90 Section 91 Section 92 Section 94A None 20. Which method is commonly used for DTAA relief? Tax Credit Method Exemption Method Split Method Both A and B None 21. What is the purpose of GAAR provisions under Indian tax law? Prevent tax avoidance Simplify tax compliance Encourage investment Double tax relief None 22. The primary purpose of BEPS is to: Increase tax rates globally Reduce tax avoidance by multinational corporations Promote international trade Harmonize tax systems None 23. Income deemed to accrue or arise in India for non-residents includes: Salary for services rendered in India Interest paid by an Indian company Royalties for technology transfer All of the above None 24. Tax rate on royalty income received by a non-resident is typically: 10% 20% 15% 30% None 25. Equalization Levy on e-commerce operators is imposed at the rate of: 5% 6% 2% 8% None 26. Advance Pricing Agreements (APA) are valid for a period of: 3 years 5 years 10 years Indefinite None 27. Which section governs taxation of dividends received by a non-resident? Section 10(34) Section 115A Section 90 Section 195 None 28. Thin capitalization rules restrict interest deductions if debt-equity ratio exceeds: 1:1 2:1 3:1 4:1 None 29. A domestic company opting for the new tax regime under Section 115BAA is not allowed to claim: Depreciation MAT credit Additional depreciation Both B and C None 30. MAT provisions are applicable to: Individuals LLPs Domestic and foreign companie Partnership firms None 31. The income of a charitable trust is exempt under Section 11, provided at least __ of its income is applied for charitable purposes. 50% 75% 85% 100% None 32. Corpus donations received by a charitable trust are: Fully exempt Fully taxable Exempt if invested in prescribed modes Partially exempt None 33. The threshold limit for TDS under Section 194C for a single contract is: ₹20,000 ₹30,000 ₹40,000 ₹50,000 None 34. TDS on rent payments under Section 194I for plant and machinery is deducted at: 5% 7.5% 2% 10% None 35. TDS under Section 194N is applicable on cash withdrawals exceeding: ₹50,000 ₹1,00,000 ₹2,00,000 ₹1,00,00,000 None 36. Which of the following is a specified domestic transaction under transfer pricing regulations? Sale of goods to a non-resident Payment of royalty to a foreign company Transactions between related domestic parties exceeding ₹20 crore Sale of shares on the stock exchange None 37. Advance Pricing Agreements (APAs) are intended to: Avoid transfer pricing disputes Enhance revenue collection Simplify tax audits Exempt certain incomes from tax None 38. The objective of a double taxation avoidance agreement (DTAA) is to: Tax income in both countries Avoid taxation of income Avoid double taxation of income Increase tax revenue in one country None 39. Section 94A deals with: Specified domestic transactions Taxation of royalty Tax havens and non-cooperative jurisdictions Deductions for foreign income None 40. Equalization Levy does not apply to: Online advertisement services E-commerce sales of goods Payment for physical goods purchased online E-commerce platforms operating in India 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!
