Test 302 Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Direct and Indirect Taxation Total Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. Income Tax in India is governed by which Act? Wealth Tax Act Central Excise Act Income Tax Act Finance Act None 2. The Income Tax Act was enacted in which year? 1950 1961 1972 1982 None 3. Which type of income is NOT taxable under the Income Tax Act? Agricultural income Salary income Capital gains Agricultural income None 4. Which of the following is a type of taxable income? Income from gambling Agricultural income Income from a registered charitable trust Capital receipts None 5. An individual is considered a 'Resident' in India if he/she spends how many days in India in a financial year? 60 days 120 days 182 days 365 days None 6. Which section of the Income Tax Act deals with deductions for interest paid on a home loan? Section 80C Section 80D Section 24(b) Section 80E None 7. Which of the following is NOT a head of income under the Income Tax Act? ncome from Salary Income from House Property Income from Interest Income from Capital Gains None 8. Salary is taxable on the basis of Receipt basis Accrual basis Whichever is earlier Whichever is later None 9. Which of the following deductions is allowed under Section 80C? Interest on education loan Premium on life insurance policy Medical insurance premium Interest on housing loan None 10. Which of the following incomes is not taxable? Bonus received from employer Agricultural income Income from lottery Rent from house property None 11. Which section provides deduction for medical insurance premiums? Section 80C Section 80D Section 80E Section 80G None 12. Which form is used for filing income tax returns by salaried individuals? Form 1 Form 2 ITR-1 ITR-4 None 13. The tax treatment of a minor's income is under which section? Section 60 Section 64(1A) Section 50 Section 10 None 14. What is the basic exemption limit for individuals under the age of 60? ₹1,00,000 ₹2,50,000 ₹3,00,000 ₹5,00,000 None 15. The amount received on maturity of a life insurance policy is Fully taxable Partly taxable Exempt under Section 10(10D) Exempt up to ₹1,00,000 None 16. Under Section 24, a deduction is allowed for interest on loan taken for Education Medical treatment Purchase of residential property Purchase of agricultural land None 17. Which of the following is eligible for deduction under Section 80E? Home loan interest Donation to charity Interest on education loan Health insurance premium None 18. A taxpayer can claim deduction under Section 80TTA for interest income from Fixed deposits Savings accounts Recurring deposits Bonds None 19. House Rent Allowance (HRA) is Fully taxable Fully exempt Partially exempt Not covered under Income Tax Act None 20. The income of a partnership firm is taxed at the rate of 15% 20% 25% 30% None 21. Advance tax is required to be paid if the tax liability exceeds ₹5,000 ₹10,000 ₹20,000 ₹50,000 None 22. An individual who qualifies as a senior citizen under the Income Tax Act is of age 55 years 58 years 60 years 65 years None 23. Standard deduction under the head salary income is ₹20,000 ₹30,000 ₹40,000 ₹50,000 None 24. Section 80G provides deduction for Medical expenses Donations to charities Interest on savings HRA exemption None 25. For filing income tax returns electronically, the portal used is incometaxindia.gov.in gov.taxreturns.in income.portal.in incomeindia.tax.in None 26. Income tax for individuals is charged on Annual gross income Net profit Gross salary Taxable income None 27. Which of the following cannot claim deduction under Section 80C? An individual A partnership firm A Hindu Undivided Family (HUF) A trust None 28. The income of a minor is clubbed with the income of the Minor’s sibling Parent with higher income Minor's guardian Grandparents None 29. Under which section is income from winning lotteries taxed? ) Section 10 Section 115BB Section 80C Section 45 None 30. If a resident earns income outside India, it is Fully taxable in India Partly taxable Taxed in the foreign country only Exempt None 31. The 'Previous Year' for income tax purposes refers to Calendar year Financial year Assessment year Tax year None 32. Which of the following is fully exempt from income tax? Leave Travel Allowance Gratuity received by a government employee Bonus received from employer Dearness Allowance None 33. Which of the following is not considered a "person" under the Income Tax Act, 1961? Individual Hindu Undivided Family (HUF) Association of Persons (AOP) Minor None 34. Income from salary is taxed under which head of income? Income from House Property Profits and Gains of Business or Profession Income from Salaries Income from Other Sources None 35. Which of the following is the basic exemption limit for individual taxpayers below the age of 60, for Assessment Year 2023-24? ₹2,50,000 ₹3,00,000 ₹5,00,000 ₹1,50,000 None 36. Which of the following is exempt from tax under section 10 of the Income Tax Act? Salary income Agriculture income Capital gains Professional income None 37. Under the Income Tax Act, 1961, which form is used by individual taxpayers for filing an income tax return when they have only salary income? ITR-1 ITR-2 ITR-3 ITR-4 None 38. The concept of “Previous Year” under the Income Tax Act refers to: The year in which income is assessed The financial year in which income is earned The calendar year in which income is received The year prior to the assessment year None 39. The assessment year refers to the period in which income is Earned Assessed Paid Exempt None 40. Income from self-occupied house property is Taxable under house property Taxable under other sources Partially exempt Exempt up to ₹2,00,000 interest 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 !! Time's upTime is Up!
