Which of the following components is included under "Income from Salary"?

Income Tax Law and Practice - CIE 2 Quiz

Quiz
•
Financial Education
•
University
•
Hard
Shivaprasad P
Used 4+ times
FREE Resource
18 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Rent from house property
Basic salary, bonuses, and allowances
Interest on savings
Capital gains
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is the standard deduction available for salaried individuals for AY 2024-25?
₹10,000
₹20,000
₹50,000
₹1,00,000
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is not considered as "Perquisite" under the Income Tax Act?
Rent-free accommodation
Employer-provided vehicle for personal use
Interest on home loan
Free or concessional education to children
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Income from Salary is taxed on a:
Due/Receipt Basis
Hybrid Basic
Only Cash basis
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which allowance is fully exempt for transport provided to handicapped employees?
₹1,600 per month
₹3,200 per month
₹2,400 per month
₹5,000 per month
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Perquisites under the Income Tax Act refer to:
Benefits in cash only
Monetary benefits only
Benefits in cash or kind provided by the employer
Allowances provided by the employer
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The value of rent-free unfurnished accommodation provided by a private employer in a non-metro city (population is more than 10 lakh but less than 25 lakh) is valued at:
5% of salary
10% of salary
15% of salary
20% of salary
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