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. Income received in India but accrued outside India is taxable for: Non-residents only Residents only Both residents and non-residents None of the above None 2. Which section defines the scope of total income? Section 2(24) Section 5 Section 10 Section 6 None 3. Allowance for travel on duty outside India is exempt under: Section 10(5) Section 10(7) Section 10(14) Section 10(10) None 4. The exemption for education allowance for children is restricted to: ₹500 per month per child for two children ₹100 per month per child for two children ₹1,200 per annum per child for two children ₹500 per annum per child for two children None 5. Income from house property is calculated on: Gross Annual Value Net Annual Value Fair Rent Actual Rent Received None 6. Interest on borrowed capital for self-occupied property is allowed up to: ₹1,00,000 ₹1,50,000 ₹2,00,000 ₹2,50,000 None 7. HRA exemption is based on the least of the following except: Actual HRA received 50% of salary in metro cities Rent paid minus 10% of salary 100% of salary None 8. Gratuity received by private sector employees is exempt up to: ₹10,00,000 ₹15,00,000 ₹20,00,000 ₹25,00,000 None 9. Presumptive taxation under Section 44ADA is applicable to: Transport operators Small retailers Specified professionals None of the above None 10. Deduction for scientific research under Section 35 is allowed at: 100% of expenditure 125% of expenditure 150% of expenditure 200% of expenditure None 11. Capital gains arising from compulsory acquisition of urban agricultural land is: Fully taxable Fully exempt Taxable under Section 45(1A) Exempt under Section 10(37) None 12. Indexed cost of acquisition is used to calculate: ) Short-term capital gains Long-term capital gains Both short-term and long-term capital gains Exempt capital gains None 13. Income transferred to a minor child is taxable in the hands of: The child The parent whose income is higher The parent whose income is lower None of the above None 14. Clubbing provisions do not apply to: Transfer of assets to spouse without adequate consideration Transfer of assets to minor children Transfer of income with assets Transfer of income without transfer of assets None 15. Deduction for donations to scientific research organizations is available under: Section 35 Section 80GGA Section 80C Section 80G None 16. Which section provides deduction for interest on housing loan for affordable housing? Section 80C Section 80E Section 80EEA Section 24 None 17. What is the primary objective of transfer pricing regulations? Preventing tax evasion Reducing compliance costs Ensuring arm's length pricing in related-party transactions Promoting exports None 18. The time limit for retaining transfer pricing documentation is: 4 years 6 years 8 years 10 years None 19. The purpose of DTAA is to: Increase tax revenue Reduce double taxation Encourage tax avoidance Tax foreign income in both countries None 20. Which method is not used for providing relief under DTAA? Tax credit Tax exemption Tax reduction Split method None 21. The purpose of GAAR is to address: Tax compliance Tax evasion Tax avoidance Tax refunds None 22. Tax evasion via shifting profits to low-tax jurisdictions is addressed under: BEPS framework GAAR provisions None of the above None 23. The Equalization Levy on online advertisements is: 2% 6% 10% D) 12% 12% None 24. Which income is not covered under the Equalization Levy? E-commerce supply income Income from digital advertisements Royalties Non-resident services income None 25. Advance Pricing Agreements (APAs) help: Reduce disputes over transfer pricing Minimize tax deductions Increase tax collections Promote DTAAs None 26. Thin capitalization rules apply to: Equity exceeding prescribed limits Debt exceeding prescribed limits Excessive depreciation claims Tax refunds from foreign jurisdictions None 27. Income from royalties received by non-residents is taxed at: 10% 15% 20% 25% None 28. Country-by-Country Reporting (CbCR) is mandatory for entities with consolidated revenue exceeding: €500 million €750 million €1 billion €1.5 billion None 29. Perquisites provided by an employer are taxable in the hands of: Employer Employee Both employer and employee None of the above None 30. Which of the following allowances is fully taxable? House Rent Allowance (HRA) Transport Allowance for disabled employees Dearness Allowance (DA) Uniform Allowance None 31. Maximum deduction allowed under Section 80GG for rent paid is: ₹5,000 per month ₹60,000 per annum ₹50,000 per annum ₹1,00,000 per annum None 32. Deduction for medical treatment of specified diseases under Section 80DDB for senior citizens is restricted to: ₹40,000 ₹1,00,000 ₹75,000 ₹50,000 None 33. For equity shares, the holding period for considering them as long-term capital assets is: 6 months 12 months 24 months 36 months None 34. Tax rate on long-term capital gains exceeding ₹1 lakh from listed equity shares under Section 112A is: 10% without indexation 15% with indexation 20% with indexation 25% without indexation None 35. Transfer pricing provisions are governed under: Section 92 to Section 92F Section 90 and Section 91 Section 80A to Section 80E Section 95 to Section 102 None 36. Which of the following methods is considered under transfer pricing regulations? Net Profit Ratio Method Transactional Net Margin Method (TNMM) Residual Value Method Mark-up Value Method None 37. Relief under DTAA can be availed through: Exemption method Tax credit method Both A and B Neither A nor B None 38. Double Taxation Avoidance Agreements (DTAAs) are governed under: Section 90 and Section 91 Section 80D Section 115B Section 95 None 39. GAAR provisions apply to transactions exceeding: ₹50 lakh ₹1 crore ₹2 crore ₹10 crore None 40. The main purpose of GAAR is to address: Tax evasion Tax avoidance Tax collection efficiency Tax deferral schemes 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! 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