Test 702 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 threshold for applicability of Equalization Levy? ₹10 lakhs ₹20 lakhs ₹1 crore ₹2 crores None 2. What is the Equalization Levy rate on digital advertising services? 2% 5% 6% 10% None 3. Which section deals with the taxation of income in the hands of non-residents? Section 5 Section 9 Section 10 Section 11 None 4. What is the threshold for filing Form 3CEAC under BEPS Action 13? ₹100 crores ₹500 crores ₹1,000 crores ₹5,500 crores None 5. Which income is covered under Section 115A for taxation of non-residents? Royalties and fees for technical services Dividends from mutual funds Capital gains on sale of shares Salary income None 6. What is the tax rate under Section 115BBDA for dividend income exceeding ₹10 lakhs? 10% 15% 20% 30% None 7. Which section governs the transfer pricing provisions in India? Section 90 Section 92 Section 94 Section 96 None 8. What is the Thin Capitalization Rule in the context of international taxation? Restriction on debt-to-equity ratio for tax deduction of interest Allowance of thin profits for taxation Restriction on foreign income repatriation Rules for PE in low-tax jurisdictions None 9. Which form is used for reporting Specified Domestic Transactions (SDT)? Form 3CEB Form 3CBA Form 3CB Form 3CD None 10. Which section governs Advance Rulings in international taxation? Section 245 Section 250 Section 275 Section 280 None 11. What is the due date for filing tax audit reports for AY 2024-25? 30th September 2024 31st October 2024 31st December 2024 31st March 2025 None 12. Which head of income includes winnings from lottery? Income from Salary Income from Other Sources Capital Gains Business Income None 13. Which section provides relief from double taxation? Section 89 Section 90 Section 91 Both b and c None 14. Which is the governing body for international transfer pricing disputes? OECD WTO UN G20 None 15. What is the surcharge rate for foreign companies earning above ₹10 crores? 2% 5% 7% 10% None 16. Under which section is tax deducted at source on payments for professional or technical services? Section 194C Section 194J Section 194l Section 195 None 17. What is the rate of TDS under Section 194I for rent payments for machinery? 2% 5% 10% 15% None 18. Which income is taxable under the head ‘Income from Other Sources’? Capital gains Dividend income Salary Income from house property None 19. Which form is used to declare investments for reduced TDS on salary income? Form 12B Form 12BB Form 15G Form 26AS None 20. What is the penalty for non-filing of a tax audit report under Section 44AB? 10,000 ₹50,000 0.5% of turnover (up to ₹1,50,000) ₹5,000 None 21. Under Section 80U, who is eligible for deductions? Senior citizens Disabled individuals Women taxpayers Non-residents None 22. Which section provides for deduction on account of medical insurance premium? Section 80C Section 80D Section 80E Section 80G None 23. What is the due date for filing ITR for individuals not subject to audit for AY 2024-25? 31st May 2024 31st July 2024 30th September 2024 31st October 2024 None 24. Which section deals with taxability of deemed dividends? Section 56(2)(viib) Section 115O Section 2(22)(e) Section 10(34) None 25. Which section governs taxability of gratuity? Section 10(10) Section 10(14) Section 89 Section 80DD None 26. What is the threshold for taxation of significant economic presence (SEP) of non-residents? ₹2 crores ₹20 lakhs ₹5 crores ₹50 crores None 27. Which model tax convention includes specific provisions for taxation of developing countries? OECD Model UN Model US Model India Model None 28. Which section covers double taxation relief in India? Section 90 Section 91 Both a and b Section 92 None 29. What is the tax rate for royalties under DTAA agreements (subject to terms)? 5% 10% 15% 20% None 30. Which entity oversees the Multilateral Instrument (MLI) for BEPS action? UN OECD IMF World Bank None 31. Which section deals with presumptive taxation for businesses? Section 44AD Section 44AE Section 44ADA Section 44DB None 32. What is the tax rate on short-term capital gains under Section 111A? 10% 15% 20% 30% None 33. Which section allows exemptions for income from specified mutual funds? Section 10(23D) Section 80C Section 10(10D) Section 115JB None 34. What is the penalty for non-filing of TDS returns under Section 234E? ₹100 per day ₹200 per day ₹500 per day ₹1,000 per day None 35. Which section governs transfer of assets without adequate consideration? Section 56(2) Section 58 Section 60 Section 64 None 36. Which section governs taxation of income from dividends received by a resident? Section 115BBDA Section 115A Section 10(34) Section 56(2)(i) None 37. What is the taxability of gifts exceeding ₹50,000 under Section 56(2)? Fully taxable Partially taxable Exempt if from relatives Both a and c None 38. Which section provides relief for arrears of salary? Section 80C Section 80G Section 89 Section 90 None 39. What is the time limit for the issuance of notice under Section 148 for income escaping assessment? 3 years 6 years 4 years 10 years (in specified cases) None 40. What is the maximum allowable limit for employer contribution to EPF under Section 17? ₹2.5 lakh ₹3 lakh ₹3.5 lakh ₹5 lakh 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!
