Salaries – Test 1

Encashment of leave salary at the time of retirement is not exempt in the hands of employees of ______

While computing exemtption from House Rent Allowance, the term “salary” for that purpose includes ______

Education allowance is exempt upto Rs. ______ per month per child maxiumum 2 children.

Hostel allowance is exempt upto Rs. ______ per month per child maxiumum 2 children.

Underground allowance is exempt upto Rs. ______ per month

Exeption from leave travel concession (LTC) where journey is performed by air is the economy class air fare of national carrier by ________ route or amount spent whichever is lower.

Exeption from leave travel concession (LTC) where journey is performed by rail is the __________ rail fare by the shortest route or amount spent whichever is lower.

Identify the employee who is not a specified employee?

Value of rent free unfurnished accommodation in the hands of Government employee is equal to the ________.

Value of rent free unfurnished accommodation in the hands of private sector employee (where accommodation is owned by the employer) is dependent upon the ______________of the city.

Value of rent free unfurnished accommodation in the hands of private sector employee (where accommodation is owned by the employer) is _______% of salary where population of city exceeds Rs. 10 lakhs but does not exceed 25 lakhs.

Value of rent free unfurnished accommodation in the hands of private sector employee (where
accommodation is owned by the employer) is _______% of salary where population of city is 8 lakhs.

The salary for the purpose of calculation of perquisite in respect of residential accommodation in the hands of private sector employee does not include:

The value of perquisite where accommodation has been provided in a hotel shall be lower of ____% of salary or actual charges paid to such hotel by the employer.

While computing perquisite in respect of interest free loan, the base interest rate of ______ shall be taken into account.

While computing perquisite in respect of interest free loan, small loans upto Rs. ______/- in the aggregate shall be ignored. (i.e. exempt).

Identify the loans which are exempt while computing perquisite in respect of interest free loans.

The travel cost of patient and one attendant is not included in salary when medical treatment is undertaken abroad subject to the condition that Gross Total Income of employee does not exceed Rs. __________.

The concession available while valuing perquisites in respect of meal provided to an employee is Rs. ________ per meal.

The gift by the employer not exceeding Rs. ___________ in aggregate per annum would not be taxed in the hands of employee.

Identify the item that falls under the definition of term “ Profits in lieu of salary” as defined under section 17(3) of the Act.

Under which fund, employer does not contribute?

Contribution to which fund by an employee is not eligible for deduction u/s 80 C of the Act?

Interest credited to which fund shall be taxable at the time of withdrawal of the amount from such fund?

Employer’s contribution to which fund may be taxable in the hands of employee if it exceeds prescribed % of salary?

Out of the followings, which interest income is not exempt from tax?

While computing “Salary” for the purpose of valuation of rent-free accommodation in the hands of private sector employees, such salary includes:

The following is not taxable as income under the head “Salaries”.

Gratuity received by a government employee is _____________.