Salary -2
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Practice Problem
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Medium
vaibhav bhagate
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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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