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 State 1. The rate of tax applicable to the income from the sale of a long-term capital asset in the case of a non-resident is: 10% 15% 20% 30% None 2. Under which section of the Income Tax Act can a deduction for a home loan interest payment be claimed? Section 80C Section 80E Section 24(b) Section 10(38) None 3. Which of the following is not an eligible deduction under Section 80D for medical insurance? Premium paid for self Premium paid for a spouse Premium paid for a dependent child Premium paid for a parent aged below 60 years None 4. The income from an asset, which is held as a capital asset but is sold within three years, is classified as: Short-term capital gain Long-term capital gain Business income Income from other sources None 5. The tax on dividends from Indian companies is levied under which section? Section 115O Section 115JB Section 115R Section 80TTA None 6. The maximum deduction available under Section 80DDB for the medical treatment of a specified disease is: ₹50,000 ₹1,00,000 ₹1,50,000 ₹2,00,000 None 7. Which of the following is NOT a source of income under the head "Income from other sources"? Rent from property Interest from bank deposits Dividend from stocks Winning from lotteries None 8. Under Section 10(5), the following allowance is exempt from tax: House Rent Allowance Education Allowance Special Allowance for official duties Transport Allowance None 9. Under Section 54EC, long-term capital gains can be exempted invested in: Residential property Government bonds Public Provident Fund (PPF) Bank fixed deposits None 10. The interest earned on fixed deposits is taxed under: Income from capital gains Income from other sources Business income Income from house property None 11. The maximum amount of deduction available under Section 80G for donations to government-approved charitable institutions is: ₹50,000 ₹1,00,000 ₹1,50,000 No upper limit None 12. A person claiming a deduction under Section 80C must invest in: Fixed deposits Tax-saving fixed deposits Life insurance premium Only approved investments None 13. Under Section 80GGA, donations to which of the following are eligible for deduction? Political parties Educational institutions Charitable trust for rural development Religious places of worship None 14. The due date for the filing of income tax returns for companies is: 30th September 31st December 31st October 30th November None 15. Which of the following is the tax rate applicable to short-term capital gains on listed securities? 20% 10% 15% 30% None 16. Under Section 10(10D), the maturity proceeds of a life insurance poli Fully taxable Exempt if the premium is less than 20% of the sum assured Exempt under all circumstances Exempt if the sum assured is at least 10 times the premium None 17. The capital gains tax on the sale of a residential house is reduced under Section 54 if the capital gains are invested in: Another residential property Fixed deposits Bonds A new business None 18. Under Section 80EEA, a deduction of up to ₹1,50,000 is allowed on interest paid for: Home loan for a first-time homebuyer Education loan Medical expenses Pension contributions None 19. Under which section are profits earned from the transfer of capital assets in a business, such as shares, treated as business income? Section 10(38) Section 28 Section 45 Section 10(23C) None 20. Which of the following does not qualify for exemption under Section10(14)? House Rent Allowance Travel Allowance Uniform Allowance Medical Allowance None 21. The tax treatment of dividend income from foreign companies is: Exempt from tax Taxable at 30% Taxable at the normal rates Taxable only under the Double Taxation Avoidance Agreement (DTAA) None 22. Which of the following is exempt from income tax under Section 10(15)? Interest on bank deposits Interest on government securities Interest on company bonds Income from mutual funds None 23. The income from a pension paid to a retired employee is taxable under: Income from salary Income from capital gains Income from other sources Income from house property None 24. The limit for tax deduction at source (TDS) on interest from a savings account is: ₹5,000 ₹10,000 ₹15,000 ₹20,000 None 25. The tax rate applicable on income from the sale of an agricultural land in India is: 30% 20% 10% Exempt from tax None 26. The minimum amount deductible under Section 80C is for: Life insurance premium Public Provident Fund (PPF) National Savings Certificate (NSC) All of the above None 27. Which of the following is classified as a non-resident for tax purposes in India? A person residing in India for more than 182 days during the financial year A person residing outside India for more than 182 days during the financial year A person residing in India for less than 60 days during the financial year A person whose income is solely from agriculture None 28. Under Section 54B, the capital gains arising from the transfer of agricultural land can be exempted if: The land is sold within 2 years The gains are invested in agricultural land The proceeds are used for business The land is used for residential purposes None 29. The exemption for income from agricultural activities is available under Section: 10(5) 10(14) 10(10) 10(1) None 30. The threshold limit for TDS on payments to contractors is: ₹20,000 ₹30,000 ₹50,000 ₹1,00,000 None 31. Which of the following is correct for the tax treatment of capital gains on the sale of a listed equity share held for more than 1 year? Taxable at 10% Taxable at 15% c Exempt from tax Taxable at the individual’s tax slab None 32. A deduction under Section 80CCC for contributions to pension funds is: ₹50,000 ₹1,50,000 ₹1,00,000 Available subject to conditions None 33. The taxation of capital gains on the sale of a second house is: Taxable under income from business Taxable as short-term capital gains if sold within 3 years Exempt under certain conditions Taxable as long-term capital gains None 34. What is the basic exemption limit for an individual aged below 60 years? ₹2,00,000 ₹3,00,000 ₹2,50,000 ₹1,50,000 None 35. Under Section 44AD, a taxpayer with a turnover of ₹2 crore or less is required to declare: A fixed percentage of profit as income Actual profit Income from business only All of the above None 36. What is the tax rate applicable to income from a foreign pension? 30% 20% 10% Taxable as per the applicable Double Taxation Avoidance Agreement (DTAA) None 37. In which case does the tax audit become compulsory for a professional (other than a business)? When income exceeds ₹1 lakh When income exceeds ₹2.5 lakh When gross receipts exceed ₹50 lakh When gross receipts exceed ₹1 crore None 38. The surcharge applicable on income above ₹50 lakh but below ₹1 crore is: 10% 15% 20% 25% None 39. Under Section 80D, the maximum deduction available for a senior citizen (aged above 60) for insurance premiums is: ₹50,000 ₹75,000 ₹1,00,000 ₹25,000 None 40. The tax rate on the winnings from a lottery is: 15% 10% 30% 25% 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!
