Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Direct Tax Laws and International Taxation Total Number of Question: 40 Time: 41 Minutes Please check your email after completion of test for result. All the best... Name Phone No Email Area Pin Code 1. Under Section 80C, the maximum deduction available for contributions to Provident Fund (PF) is: ₹50,000 ₹1,50,000 ₹2,00,000 ₹2,50,000 None 2. In case of transfer of capital assets, which of the following is true regarding capital gains? Capital gains are not taxable Capital gains are taxable at the rate of 10% Capital gains are taxable if the asset is sold at a profit Capital gains are taxed based on the holding period None 3. Under which section of the Income Tax Act is the provision for taxation of gifts received specified? Section 56 Section 54 Section 50C Section 80G None 4. What is the tax rate on long-term capital gains from the sale of listed securities? 15% 20% 10% 30% None 5. Which of the following expenses is deductible under Section 80E for education loan repayment? Tuition fee Interest on the loan Principal repayment None of the above None 6. Which of the following is included in "income from other sources"? Interest on savings account Salary Income from business Agricultural income None 7. Under which section of the Income Tax Act are the provisions regarding the taxation of international transactions specified? Section 92 Section 9 Section 44B Section 10A None 8. Under Section 10(10B), the amount of retrenchment compensation received Fully taxable Partially exempt Fully exempt Taxable only if above ₹5 lakh None 9. The income earned by a foreign company from business activities in India is taxable under which section? Section 5 Section 6 Section 9 Section 44 None 10. What is the rate of tax on the income earned by a non-resident from a foreign exchange asset? 10% 15% 20% 30% None 11. Which of the following is not a capital asset under the Income Tax Act? Jewelry Stock-in-trade Urban land Equity shares None 12. A rebate under Section 87A is available to an individual whose income is less than: ₹2.5 lakh ₹5 lakh ₹3 lakh ₹4 lakh None 13. Under Section 10(14), what is exempt from tax? House rent allowance Medical expenses allowance Travel allowance All of the above None 14. Which of the following is not eligible for a deduction under Section 80G? Contribution to a charity for medical aid Contribution to a government organization Payment of income tax Donation to a specified fund None 15. The due date for filing the return of income for individuals is: 31st March 30th September 31st July 31st August None 16. The tax on long-term capital gains from the sale of a house property is: 10% 20% 15% 30% None 17. Under which section are profits from the sale of capital assets taxed? Section 45 Section 10 Section 56 Section 44 None 18. A rebate under Section 87A is available to: Resident individuals Non-resident Indians Hindu Undivided Families All of the above None 19. The rate of tax on income from lottery winnings is: 20% 10% 30% 25% None 20. Under which section of the Income Tax Act is the concept of "residential status" defined? Section 5 Section 6 Section 9 Section 10 None 21. What is the rate of tax on the income of a foreign company in India? 30% 25% 15% 20% None 22. Which of the following is not a specific deduction under Section 80C? Life insurance premium Tuition fees Bank interest PPF contribution None 23. The "Advance Tax" payment is required if the estimated tax liability exceeds: ₹10,000 ₹1,00,000 ₹50,000 ₹2,50,000 None 24. Which of the following is not a condition for claiming the deduction under Section 80E? The loan should be for higher education The loan should be for self or relative The loan should be for technical courses The loan should be from a government or recognized financial institution None 25. Under Section 10(12), the amount of provident fund contribution is: Taxable Exempt Deductible Partially taxable None 26. The sale of agricultural land in India is subject to: Income tax Capital gains tax Wealth tax None of the above None 27. Under which section is the tax on undisclosed income applicable? Section 115BBE Section 56 Section 45 Section 80G None 28. Under Section 10(10D), the proceeds from a life insurance policy are exempted if: The policy is terminated The policy is surrendered The sum is received on the death of the insured The policy has lapsed None 29. Income earned by a non-resident from a foreign country is: Fully taxable in India Exempt from tax in India Partially taxable in India Taxable only under DTAA None 30. The rate of tax on short-term capital gains from the sale of shares listed on the stock exchange is: 10% 20% 15% 30% None 31. Under which section are deductions available for donations to charitable organizations? Section 80C Section 80D Section 80G Section 80E None 32. Which of the following is a capital asset under the Income Tax Act? Stock in trade Personal car Property used for business Jewelry None 33. The tax rate on income from business and profession is: 10% 20% 30% Based on income None 34. Under which section is the concept of "deemed income" applicable? Section 56 Section 10 Section 9 Section 45 None 35. The tax rate on dividends received by a company is: 10% 20% 25% 30% None 36. Under Section 10(13A), what is exempt from tax? Rent received House Rent Allowance Loan repayment Tax-free bonds None 37. Which of the following is not considered "income" under the Income Tax Act? Salary Gifts from a relative Agricultural income Business income None 38. Which of the following is not subject to tax under Section 80C? Contribution to Provident Fund National Savings Certificate Fixed Deposit Life insurance premium None 39. Tax on capital gains from unlisted securities is: 15% 10% 20% 30% None 40. A resident but not ordinarily resident (RNOR) is taxable on: Income earned in India Income earned outside India Both a and b Only on income received 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. 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!
