Test 701 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 Area Pin Code 1. What is the maximum rebate allowed under Section 87A for individuals for AY 2024-25? ₹10,000 ₹12,500 ₹15,000 ₹25,000 None 2. Under which section of the Income Tax Act, 1961, are the provisions for Income Computation and Disclosure Standards (ICDS) specified? Section 145 Section 90 Section 195 Section 234A None 3. What is the surcharge applicable for individuals earning above ₹5 crores in FY 2023-24? 15% 25% 37% 20% None 4. Which section governs the taxation of undisclosed foreign income and assets under the Black Money Act, 2015? Section 2 Section 3 Section 5 Section 10 None 5. What is the time limit for filing a belated income tax return as per Section 139(4) for AY 2024-25? 31st July 2024 30th September 2024 31st December 2024 31st March 2025 None 6. What does DTAA stand for in the context of international taxation? Double Tax Accounting Agreement Double Taxation Avoidance Agreement Dual Tax Allocation Agreement Dual Taxation Avoidance Agreement None 7. Which method is commonly used to determine Arm’s Length Price in transfer pricing? Comparable Uncontrolled Price Method Resale Price Method Profit Split Method All of the above None 8. Which of the following is a general anti-avoidance rule (GAAR) provision? Section 90 Section 95 Section 50C Section 54 None 9. What is the maximum threshold for total consolidated group revenue under BEPS Action 13 for mandatory country-by-country reporting in India? ₹500 crores ₹5,500 crores ₹10,000 crores ₹1,000 crore None 10. Which authority is responsible for Advance Pricing Agreements (APAs) in India? CBDT NCLT SEBI IRDAI None 11. Which income is exempt under Section 10(10D) of the Income Tax Act, 1961? Gratuity Insurance maturity proceeds Pension Provident fund withdrawals None 12. What is the threshold limit for tax audit under Section 44AB for a business in FY 2023-24? ₹50 lakhs ₹1 crore ₹2 crores ₹10 crores (if cash transactions are below 5%) None 13. Under Section 54, capital gain exemption can be claimed for investment in: Residential house property Bonds Fixed deposits Mutual funds None 14. What is the time limit for revising an income tax return under Section 139(5)? 31st December of the assessment year 31st March of the assessment year 31st December of the following assessment year 31st March of the following assessment year None 15. Which section of the Income Tax Act deals with penalties for under-reporting of income? Section 271A Section 270A Section 271B Section 269SS None 16. Which form is used for filing income tax returns by individuals earning salary and interest income only? ITR-1 ITR-2 ITR-3 ITR-4 None 17. What is the minimum alternate tax (MAT) rate for companies under Section 115JB? 15% 18.5% 25% 30% None 18. Which section provides for presumptive taxation for professionals with gross receipts up to ₹50 lakhs? Section 44AD Section 44ADA Section 44AE Section 44B None 19. What is the surcharge rate applicable to domestic companies with income exceeding ₹10 crores? 10% 15% 25% 37% None 20. What is the rate of tax deduction at source (TDS) for interest on securities under Section 193? 5% 7.5% 10% 20% None 21. Under DTAA, what does Article 12 typically deal with? Business profits Royalties and fees for technical services Dividends Capital gains None 22. What is the safe harbor threshold for TP margins in the IT/ITES sector? 15% 17% 20% 22% None 23. Which form is used for furnishing details of international transactions under transfer pricing? Form 3CEB Form 3CD Form 3CA Form 3CB None 24. Which rule governs the determination of Arm's Length Price? Rule 10A to 10E Rule 12 Rule 15 Rule 20 None 25. Which country model is widely used in DTAA negotiations? OECD UN IMF G20 None 26. What does the term ‘Permanent Establishment’ (PE) signify in international taxation? A temporary office A branch or fixed base A bank account abroad A capital investment None 27. Which section governs taxation of non-residents for their India-sourced income? Section 9 Section 90 Section 195 Section 115BBA None 28. What is the purpose of GAAR provisions under Indian tax law? Prevent tax avoidance Simplify tax compliance Encourage investment Double tax relief None 29. Which form is used for filing an Advance Pricing Agreement (APA) request in India? Form 3CED Form 3CEI Form 3CEEA Form 3CEK None 30. What is the withholding tax rate for royalties paid to a non-resident under DTAA (subject to terms)? 10% 15% 20% 25% None 31. Under Section 80C, what is the maximum deduction allowed for investments in specified instruments? ₹1,00,000 ₹1,50,000 ₹2,00,000 ₹2,50,000 None 32. Which section deals with the deduction for interest on education loans? Section 80D Section 80E Section 80EE Section 80EEA None 33. What is the standard deduction available for salaried individuals in AY 2024-25? ₹40,000 ₹50,000 ₹60,000 ₹75,000 None 34. Which section provides for deductions on donations to charitable institutions? Section 80C Section 80D Section 80G Section 80U None 35. What is the taxability of agricultural income under the Income Tax Act? Fully taxable Partially taxable Exempt but considered for tax rate purposes Fully exempt None 36. Which section governs the set-off and carry-forward of losses? Section 70-80 Section 80-88 Section 90-94 Section 95-100 None 37. What is the threshold for filing a return of income for individuals below 60 years of age? ₹2,50,000 ₹3,00,000 ₹5,00,000 ₹10,00,000 None 38. Under Section 194C, what is the TDS rate for payments to contractors? 0.5% 1% 2% 10% None 39. Which section provides for the taxation of income from house property? Section 24 Section 25 Section 26 Section 27 None 40. Which form is required for filing a TDS return? Form 15G Form 26AS Form 24Q/26Q Form 10E 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!
