Test 2601 Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: 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 What is the basic exemption limit for an individual below 60 years of age in AY 2023-24? ₹2,00,000 ₹2,50,000 ₹3,00,000 ₹5,00,000 None Income Tax in India is levied under which act? GST Act, 2017 Companies Act, 2013 Income Tax Act, 1961 Wealth Tax Act, 1957 None Which of the following is not a valid assessment year in India? AY 2023-24 AY 2022-23 AY 2024-25 AY 2025-27 None Which income is exempt under Section 10? Salary Agriculture income Interest income None of the above None Which of the following is a previous year for income earned on 10th November 2023? AY 2022-23 AY 2023-24 AY 2024-25 AY 2025-26 None A resident individual is considered ‘ordinarily resident’ if they satisfy how many conditions in addition to basic residency criteria? 0 1 2 3 None For an individual, how many days of stay in India are required to be treated as a resident in a financial year? 60 days 120 days 182 days 240 days None Which income of a non-resident is taxable in India? Income earned in India Income earned outside India All global income None of the above None An individual who is an Indian citizen, leaving India for employment abroad, needs to stay in India for how many days to be considered a resident? 60 days 182 days 120 days 365 days None Which section defines residential status for tax purposes? Section 2(1) Section 6 Section 10 Section 7 None Which of the following is a taxable perquisite? Medical reimbursement up to ₹5,000 Rent-free accommodation Uniform allowance Leave travel concession None Gratuity received by a government employee is taxable under which section? Section 10(10) Section 10(13) Section 17(1) Section 10(10A) None Standard deduction for salaried individuals for AY 2023-24 is: ₹40,000 ₹50,000 ₹75,000 ₹1,00,000 None Leave encashment for a private-sector employee is exempt to the extent of: ₹1,00,000 ₹2,50,000 ₹3,00,000 ₹10,00,000 None Which of the following is not a fully exempt allowance? HRA Travelling allowance Uniform allowance Academic allowance None The maximum deduction under Section 24(b) for self-occupied property is: ₹1,50,000 ₹2,00,000 ₹2,50,000 ₹3,00,000 None Unrealized rent recovered in subsequent years is taxable under: Income from Salary Income from House Property Income from Other Sources Capital Gains None The gross annual value of a property is determined based on: Municipal value Fair rent Standard rent Higher of municipal value or fair rent, subject to standard rent None Which of the following is not deductible under Section 24? Municipal taxes paid Standard deduction of 30% Interest on loan Principal repayment of loan None Vacancy loss can be claimed as a deduction if: It is a self-occupied property It is rented but remains vacant Property is deemed to be let out None of the above None Which section allows deduction for depreciation? Section 32 Section 37 Section 80C Section 36 None Which of the following expenses is not allowed as a deduction under the head "Profits and Gains of Business or Profession"? Salary to employees Interest on loan for business purposes Penalty for breach of law Rent paid for business premises None For tax audit under Section 44AB, the turnover threshold for businesses opting for the presumptive taxation scheme is: ₹2 crore ₹5 crore ₹10 crore ₹50 lakh None Presumptive income under Section 44AD is calculated as: 5% of gross receipts 6% of gross receipts (if received digitally) 8% of gross receipts Both b) and c) depending on mode of receipt None Which of the following is a capital expenditure? Repairs to machinery Purchase of new machinery Salaries to staff Interest on loan None The holding period to classify listed shares as long-term capital assets is: 12 months 24 months 36 months 6 months None Cost Inflation Index is notified by: Reserve Bank of India Income Tax Department Ministry of Finance Central Board of Direct Taxes (CBDT) None Which section allows exemption on long-term capital gains if invested in specified bonds? Section 54 Section 54EC Section 54F Section 80C None Under Section 54, exemption on long-term capital gains from the sale of a residential house is available if: The amount is reinvested in a residential property The amount is reinvested in agricultural land The amount is deposited in a savings account None of the above None Gains from the sale of a personal car are: Taxable as capital gains Exempt from tax Taxable as income from other sources Taxable as business income None Dividend income from an Indian company is taxable in the hands of: Company Shareholder Both company and shareholder None of the above None Interest on savings account is exempt up to ₹10,000 under: Section 80C Section 80TTA Section 80D Section 10(10D) None Gifts received in cash exceeding ₹50,000 in a year are taxable under the head: Income from Salary Income from Other Sources Capital Gains None of the above None Family pension received by the legal heirs is taxable under: Income from Salary Income from Other Sources Income from House Property Capital Gains None Income from lotteries is taxed at a flat rate of: 10% 20% 30% 40% None Deduction under Section 80C is available for: Medical insurance premiums Life insurance premiums Education loan repayment None of the above None Maximum deduction allowed under Section 80D for medical insurance premiums paid for senior citizens is: ₹25,000 ₹50,000 ₹75,000 ₹1,00,000 None Which section provides a deduction for donations to specified funds? Section 80G Section 80C Section 80E Section 80D None Interest on an education loan is eligible for deduction under which section? Section 80C Section 80E Section 80G Section 80TTA None The new tax regime under Section 115BAC does not allow deductions under: Section 80C Section 80D Section 80G All of the above 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!
