Test 703

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Subject: Direct Tax Laws and International Taxation

Total Number of Question: 40

Time: 41 Minutes

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Name

Phone No

State

Which section governs the taxation of income from dividends distributed by domestic companies?

Section 115BBDA

Section 115O

Section 10(34)

Section 194

None

What is the tax treatment for income from units of an equity-oriented mutual fund under Section 10(35)?

Fully taxable

Fully exempt

Taxable at a concessional rate

Partially exempt

None

Which section allows deductions for interest paid on home loans for affordable housing?

Section 80EE

Section 80EEA

Section 24(b)

Both b and c

None

What is the maximum penalty for failure to file a return of income under Section 271F?

₹1,000

₹5,000

₹10,000

₹50,000

None

Which section covers deductions for donations to the Clean Ganga Fund?

Section 80G

Section 80GGA

Section 80D

Section 80E

None

Which section covers taxation of perquisites received by employees?

Section 10(10D)

Section 17(2)

Section 24(a)

Section 89(1)

None

What is the time limit for submitting Form 10E to claim relief under Section 89?

Before filing the income tax return

At the time of filing the income tax return

After filing the income tax return

No specific time limit

None

What is the basic exemption limit for senior citizens (60–80 years of age) in FY 2023-24?

₹2,50,000

₹3,00,000

₹5,00,0000

₹10,00,000

None

Under Section 80C, which of the following investments qualifies for deductions?

Fixed deposits for 3 years

Life insurance premiums

National Savings Certificate (NSC)

All of the above

None

10.

Which section governs the taxation of income from undisclosed foreign assets?

Section 69

Section 69A

Black Money Act, 2015

Section 115BBE

None

11.

What is the maximum penalty for non-disclosure of international transactions under Section 271AA?

₹1 lakh

₹2 lakh

₹5 lakh

₹10 lakh

None

12.

What is the minimum threshold for applicability of Master File documentation under Rule 10DA?

₹100 crores consolidated revenue

₹500 crores consolidated revenue

₹1,000 crores consolidated revenue

₹5,500 crores consolidated revenue

None

13.

Which action of BEPS addresses Harmful Tax Practices?

Action 2

Action 5

Action 7

Action 15

None

14.

What is the withholding tax rate for fees for technical services paid to non-residents under Section 115A?

10%

15%

20%

None

15.

What is the due date for submitting Form 15G to avoid TDS deduction?

31st March of the financial year

1st April of the financial year

At the time of investment

No specific due date

None

16.

Which form provides the annual summary of TDS for taxpayers?

Form 26AS

Form 16A

Form 15H

Form 24Q

None

17.

Under presumptive taxation (Section 44AD), what percentage of gross receipts is deemed to be income?

10%

12%

None

18.

What is the late filing fee for income tax returns under Section 234F for individuals with income exceeding ₹5 lakhs?

₹500

₹1,000

₹5,000

₹10,000

None

19.

Which form is used to claim relief under DTAA for foreign income?

Form 10E

Form 67

Form 15CA

Form 3CEB

None

20.

Which section provides for carry-forward and set-off of capital losses?

Section 72

Section 74

Section 70

Section 75

None

21.

What is the tax treatment for winnings from horse races?

Exempt

Taxable at 20%

Taxable at 30%

Taxable at slab rates

None

22.

Which section provides exemptions for payments received under voluntary retirement schemes (VRS)?

Section 10(10B)

Section 10(10C)

Section 10(15)

None

23.

Which form is used for filing an appeal with the Income Tax Appellate Tribunal (ITAT)?

Form 35

Form 36

Form 34A

Form 37

None

24.

Under which section can deductions for interest on loan for higher education be claimed?

Section 80C

Section 80D

Section 80E

Section 80U

None

25.

Which section allows standard deduction for income from house property?

Section 24(a)

Section 10(14)

Section 22

Section 44ADA

None

26.

What is the maximum deduction available for interest paid on education loans under Section 80E?

₹1,50,000

₹2,00,000

₹2,50,000

No maximum limit

None

27.

Under which section is capital gains exemption allowed for investment in specified bonds?

Section 54

Section 54EC

Section 80C

Section 80E

None

28.

Which of the following is included under taxable perquisites for employees?

Rent-free accommodation

Employer’s contribution to EPF exceeding ₹2.5 lakh

Interest-free loan above ₹20,000

All of the above

None

29.

What is the basic exemption limit for individuals under the new tax regime for FY 2023-24?

₹2,50,000

₹3,00,000

₹5,00,000

₹6,00,000

None

30.

Which section governs the applicability of General Anti-Avoidance Rule (GAAR)?

Section 94

Section 95

Section 115A

Section 245

None

31.

What is the tax rate for non-resident sports professionals under Section 115BBA?

10%

15%

20%

None

32.

Which of the following is covered under BEPS Action 13?

Transfer pricing documentation

Country-by-country reporting

Master file requirements

All of the above

None

33.

Which article of a typical DTAA deals with business profits?

Article 5

Article 7

Article 10

Article 12

None

34.

Under Section 195, what is the responsibility of a payer making payments to a non-resident?

To file Form 15CA/15CB

To deduct tax at source

To ensure compliance with DTAA provisions

All of the above

None

35.

Which section deals with the taxability of gifts received from non-relatives?

Section 56(2)(vii)

Section 10(10D)

Section 44ADA

Section 115BBE

None

36.

What is the due date for filing TDS returns for Q4 of the financial year?

15th May

31st May

30th June

31st March

None

37.

Which section provides for deduction of interest on loans for purchase of an electric vehicle?

Section 80EEB

Section 80EEA

Section 80E

Section 80C

None

38.

Which section allows deduction for contribution to the National Pension Scheme (NPS)?

Section 80C

Section 80CCD(1B)

Section 80D

Section 80E

None

39.

What is the time limit for filing a belated return under Section 139(4) for FY 2023-24?

31st December 2024

31st March 2025

30th September 2024

31st January 2025

None

40.

Which section governs the computation of Arm’s Length Price for transfer pricing?

Section 92C

Section 94B

Section 115A

Section 90

None

1 out of 4

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