Test 310Neha SharmaJanuary 25, 2025 CMA Inter Test 310 Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Direct and Indirect 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. Losses under the head "Capital Gains" can be carried forward for a maximum of: 8 years 4 years 6 years 10 years None 2. Income deemed to accrue or arise in India is taxable for: Residents only Non-residents only All taxpayers Resident but not ordinarily resident None 3. Deduction under Section 80QQB is available for royalty income from books to a maximum of: ₹2,00,000 ₹3,00,000 ₹5,00,000 ₹10,00,000 None 4. TDS on payment of commission to agents under Section 194H is deducted at: 5% 10% 15% 20% None 5. Which section governs taxation on gifts exceeding ₹50,000 in value? Section 56(2)(x) Section 57 Section 60 Section 68 None 6. The maximum deduction allowed under Section 80TTA for interest on savings accounts is applicable to: All taxpayers Senior citizens only Non-senior citizens only Individuals and HUFs None 7. The rate of tax on long-term capital gains on the sale of listed shares under Section 112A is: 10% above ₹1,00,000 of gains 15% 20% 5% None 8. Which of the following incomes is fully exempt from tax? Dividend income from mutual funds Agricultural income Income from winning lotteries Short-term capital gains None 9. The amount of rebate under Section 87A is restricted to a maximum of: ₹10,000 ₹12,500 ₹15,000 ₹5,000 None 10. Advance tax is payable by an individual if the total tax liability exceeds: ₹10,000 ₹20,000 ₹25,000 ₹50,000 None 11. Deduction under Section 80G is allowed for donations made to: Family members Registered charities and funds Foreign organizations Political parties None 12. The maximum penalty for failure to file a tax audit report is: ₹1,00,000 ₹1,50,000 ₹2,00,000 0.5% of turnover, subject to a maximum of ₹1,50,000 None 13. Income from self-occupied house property is: Fully exempt Taxable at standard rates Taxable only if let-out Taxable as per Annual Value None 14. Tax on distributed income to unit holders by mutual funds is charged under: Section 115BBDA Section 115R Section 10(34) Section 56 None 15. Deduction for interest on loans for electric vehicles under Section 80EEB is limited to: ₹50,000 ₹1,00,000 ₹2,00,000 ₹1,50,000 None 16. The maximum depreciation allowed for plant and machinery used in manufacturing is: 15% 25% 40% 50% None 17. Deduction for contributions to the Prime Minister's National Relief Fund is allowed under: Section 80C Section 80G Section 10(1) Section 80U None 18. Which section deals with penalties for non-maintenance of books of accounts? Section 271A Section 271B Section 272A Section 271F None 19. The amount of TDS under Section 194IA on the sale of immovable property is: 1% 5% 10% 2% None 20. Exemption under Section 54F is allowed for: Investment in agricultural land Investment in residential property Investment in commercial property Investment in gold None 21. Under Section 80GGB, the deduction is available for donations made by Individuals Companies HUFs Trusts None 22. Under the "presumptive taxation scheme" under Section 44AD, the prescribed percentage of turnover for income computation is: 30% 10% 50% 6% None 23. The maximum allowable deduction under Section 80E for an education loan is: ₹1,50,000 ₹1,00,000 ₹2,00,000 There is no limit for interest paid None 24. Under which section of the Income Tax Act, 1961, is tax deducted at source on the income from interest on securities? Section 194A Section 194C Section 195 Section 193 None 25. What is the tax treatment of the gift received from a relative? Fully taxable Exempt from tax Taxable at a flat rate Exempt, if the total amount exceeds ₹1 lakh None 26. Which of the following expenses are not deductible under Section 37 for business income? Business advertisement expenses Penalties for violating the law Payment for marketing purposes Rent paid for office space None 27. The rate of tax on long-term capital gains on the sale of a house property under Section 54 is: 10% 20% 30% no tax None 28. Which of the following is an example of a capital asset under the Income Tax Act? Stocks Bonds Land and building All of the above None 29. Under which section can an individual claim a deduction for contribution to the National Pension Scheme (NPS)? Section 80C Section 80D Section 80CCD Section 80EE None 30. Under Section 80D, a taxpayer can claim a deduction for premiums paid for health insurance for: Self Family members Parents All of the above None 31. Which of the following is not an exempt income under Section 10? Share of profit from a partnership firm Dividend income from a domestic company Long-term capital gains from the sale of listed shares Income from the sale of agricultural land None 32. The rate of TDS on rent paid for machinery under Section 194I is: 10% 2% 15% 20% None 33. Which section deals with the income arising from transfer of capital assets? Section 2(14) Section 2(22) Section 10(5) Section 12A None 34. The deduction for interest paid on home loan for a self-occupied property is available under: Section 24(b) Section 80C Section 80EE Section 80D None 35. The tax rate for a resident individual's income above ₹10 lakh is: 5% 20% 30% 40% None 36. The capital gains tax on the sale of agricultural land in a rural area is: Exempt from tax 10% 20% 30% None 37. Which section deals with the exemption of income from an employee's provident fund (EPF)? Section 10(12) Section 10(13) Section 80G Section 80C None 38. A person can claim a deduction under Section 80C for the contribution to the following except: PPF Life insurance premium Fixed deposit with a bank Health insurance premium None 39. The maximum limit for tax deduction under Section 80G for a donation made to a political party is: 100% of the donation amount 50% of the donation amount ₹10,000 ₹2,000 None 40. The maximum amount of exemption on gratuity received by a nongovernment employee is: ₹10,00,000 ₹5,00,000 ₹2,50,000 ₹1,00,000 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! 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