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Salary -2

Authored by vaibhav bhagate

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Used 3+ times

Salary -2
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

17(1)

17(2)

17(3)

17(4)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

SPF

RPF

URPF

PPF

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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