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. The maximum amount of deduction available under Section 80C for a single assessment year is: ₹1,00,000 ₹1,50,000 ₹2,00,000 ₹2,50,000 None 2. Under Section 10(10D), the amount of maturity proceeds of a life insurance policy is exempt if: The premium paid is less than 10% of the sum assured The premium paid is more than 10% of the sum assured The premium is paid for more than 10 years The policy is not a ULIP None 3. Income received in the form of "rent" from a property is considered under which head of income? Salary Income from house property Income from business Income from other sources None 4. Under which section of the Income Tax Act is "residential status" determined for individuals? Section 5 Section 6 Section 9 Section 10 None 5. The capital gain on the sale of a house property is treated as long-term if the holding period exceeds: 1 year 2 years 3 years 5 years None 6. In the case of a resident Indian, which income is exempt under Section 10? Salary received from foreign employment Agricultural income Income from house property Business income None 7. The "Advance Tax" is payable by a taxpayer if the total estimated tax liability for the financial year exceeds: ₹10,000 ₹5,000 ₹1,00,000 ₹50,000 None 8. Under Section 80E, the deduction is available for: Interest on education loans Principal repayment on education loans Tuition fees for courses None of the above None 9. Which of the following qualifies as a capital asset under the Income Tax Act? Stocks held as inventory Gold jewelry used by the family A car used for business purposes A plot of land held for investment purposes None 10. Which of the following income is taxable under the head "Income from Other Sources"? Income from salary Income from house property Income from winnings in a lottery Business income None 11. The rate of tax applicable to long-term capital gains on unlisted securities is: 10% 20% 30% 15% None 12. Under which section of the Income Tax Act can an individual claim a deduction for medical treatment of a specified disease? Section 80D Section 80G Section 80E Section 80DDB None 13. What is the period of holding required for an asset to be classified as "longterm" under the capital gains tax provision? 1 year 2 years 3 years 5 years None 14. The income of a "non-resident" from foreign sources is taxable in India: Only if the income is received in India Only if the income is earned in India Only under the Double Taxation Avoidance Agreement (DTAA) Not taxable in India None 15. Which of the following is not eligible for a deduction under Section 80G? Donation to a recognized charitable trust Contribution to the PM Relief Fund Contribution to an educational institution Payment of income tax None 16. The tax on long-term capital gains from the sale of shares in a listed company is: 10% 15% 20% 30% None 17. Which of the following incomes is exempt from tax under Section 10? Gratuity received by an employee Pension received by a retired government employee Compensation received on termination of employment None of the above None 18. The provisions of the Income Tax Act relating to the taxation of "nonresidents" are mainly covered under: Section 9 Section 10 Section 5 Section 6 None 19. Which of the following is not taxable under the head "Income from House Property"? Rent income from a property Income from letting a commercial property Income from an agricultural land Income from a residential property None 20. Under which section is the taxation of dividends received from a foreign company covered? Section 10 Section 56 Section 115BBD Section 115BB None 21. In case of a foreign company, the tax rate applicable on business income is: 30% 25% 15% 20% None 22. A deduction under Section 80U is available for: Disabled individuals Senior citizens Students pursuing higher education All of the above None 23. Under Section 80TTA, the deduction for interest on savings accounts is limited to: ₹2,000 ₹1,000 ₹5,000 ₹10,000 None 24. What is the maximum amount of tax that can be reduced under Section 87A for a resident individual below ₹5 lakh income? ₹2,500 ₹3,000 ₹5,000 ₹12,500 None 25. The tax rate applicable on the income of a "firm" (other than LLP) is 30% 25% 20% 15% None 26. The tax on "unexplained deposits" under Section 115BBE is: 30% 20% 40% 10% None 27. The maximum amount of deduction available for contribution to the National Pension Scheme under Section 80CCD(1B) is: ₹50,000 ₹1,00,000 ₹1,50,000 ₹2,00,000 None 28. Which of the following is not a permissible deduction under Section 80C? Fixed deposit with banks Repayment of home loan principal PPF contribution Tuition fees None 29. Income earned from the sale of agricultural land situated in India is: Taxable as income from capital gains Exempt from tax Taxable under business income d) Taxable under the head "Income from Other Sources" None 30. A gift received by an individual from a relative is: Taxable Partially taxable Exempt Taxable only if received in cash None 31. Which of the following is considered "income" under the head "Income from Business and Profession"? Salary received Profit from selling a capital asset Profit from the sale of stock-in-trade Rent from a residential property None 32. The capital gain arising from the sale of shares listed on a stock exchange is considered long-term if the shares are held for more than: 1 year 2 years 3 years 5 years None 33. Under Section 80D, the maximum deduction available for insurance premiums paid for self and family is: ₹10,000 ₹25,000 ₹50,000 ₹1,00,000 None 34. A resident individual can claim a deduction for donations under Section 80G for donations to: Government funds Charitable organizations Political parties All of the above None 35. The tax rate on short-term capital gains from the sale of equity shares in a listed company is: 10% 20% 15% 30% None 36. A tax audit is mandatory if the turnover of a business exceeds ₹25 lakh ₹1 crore ₹10 crore ₹5 crore None 37. Under Section 54EC, capital gains tax is exempted on investment in: National Savings Certificates Rural Development Bonds Bonds issued by a public company Infrastructure Bonds None 38. Which of the following is considered "income" under the head "Income from Other Sources"? Interest on fixed deposit Rent income Profit from business Capital gains None 39. Under which section of the Income Tax Act is the taxation of "transfer of assets" and capital gains covered? Section 9 Section 45 Section 56 Section 80C None 40. The tax rate applicable to income from lottery winnings is: 20% 10% 30% 15% 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!
