Income Tax Quiz

Salary is taxable on __________ basis.

• Receipt

• Accrual

• Due or Receipt whichever is earlier

• None of the above

The relationship between employer and employee is known as __________.

• Contractor relationship

• Business relationship

• Master and servant relationship

• Principal and agent relationship

Pension received by a Government employee is __________.

• Fully exempt

• Fully taxable

• Partly taxable

• Tax-free up to ₹1,00,000

Commuted pension received by a non-government employee is exempt up to __________.

• Half of pension

• 1/3rd of pension if gratuity received

• Fully exempt

• 1/2 of pension if gratuity not received

Salary received from the United Nations Organization (UNO) is __________.

• Taxable under salary

• Fully exempt

• Partly taxable

• Taxable under other sources

Allowances are generally __________.

• Fully exempt

• Fully taxable

• Partly exempt

• Non-monetary

House Rent Allowance (HRA) exemption is available under section __________.

• 80C

• 10(13A)

• 10(10)

• 80G

Leave encashment during service is __________.

• Fully taxable

• Fully exempt

• 50% exempt

• Tax-free

Gratuity received by a Government employee is __________.

• Partly exempt

• Fully exempt

• Fully taxable

• 50% exempt

The minimum period of service for gratuity eligibility is __________ years.

• 3

• 4

• 5

• 6