Salary -2

Profit in lieu of Salary is given u/s--

• 17(1)

• 17(2)

• 17(3)

• 17(4)

Contribution to which of the following fund is now allowed as a deduction u/s 80C

• SPF

• RPF

• URPF

• PPF

Which of the following statement is false about the leave encashment

• It is not related to casual leave

• for every completed year of service, employee is entitled to receive certain number of days of paid leave

• Employee either can take a leave in service or encash it while in service or after retirement

• Leave encashment received while in service is exempt from tax.

The maximum amount of leave encashment which can be exempt from tax is

• Rs. 1,00,000

• Rs. 2,00,000

• Rs. 3,00,000

• Rs. 5,00,000

Gratuity is payable to an employee who has rendered continuous service for a period of ------years on the termination of his employment (except in the case of death or disablement due to accident) .

• 5

• 10

• 15

• 20

Commuted pension received by Government employees is -

• Fully exempt

• 1/3 rd of the commuted value of the pension is exempt

• 1/2 nd of the commuted value of the pension is exempt

• Fully taxable

Statutory limit for exemption of compensation received at the time of voluntary retirement is

• Rs. 5,00,000

• Rs. 8,00,000

• Rs. 10,00,000

• Rs. 15,00,000

Which section of the Income Tax Act deals with the exemption of commuted pension received by Government employees?

• Section 10(10A)

• Section 17(1)

• Section 80C

• Section 44ADA

Employees contribution to RPF is exempted upto

• 10% of Salary

• 12% of Salary

• 15% of Salary

• 20% of Salary

Family pension received by the widow of a deceased employee is taxable under the head

• Income from Salary

• Income from house property

• Income from Capital Gain

• Income from other sources