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Questions and Answers
What is the lowest tax exemption you can claim for HRA under Section 10 (13A) of the I-T Act, 1961?
What is the lowest tax exemption you can claim for HRA under Section 10 (13A) of the I-T Act, 1961?
- 50% of the basic salary if you live in a metro city
- 40% of the basic salary if you live in a non-metro city
- Actual rent paid per month minus 10% of your annual salary (correct)
- HRA received from your employer
Under Section 10 (14(ii)) of the I-T Act, 1961, what is the maximum tax exemption for Conveyance Allowance?
Under Section 10 (14(ii)) of the I-T Act, 1961, what is the maximum tax exemption for Conveyance Allowance?
- ₹2,500 per month
- ₹1,600 per month (correct)
- ₹1,000 per month
- ₹2,000 per month
How many leisure trips can you claim tax benefits against Leave Travel Allowance (LTA) in a block of 4 calendar years?
How many leisure trips can you claim tax benefits against Leave Travel Allowance (LTA) in a block of 4 calendar years?
- 3 leisure trips
- 2 leisure trips (correct)
- 1 leisure trip
- 4 leisure trips
What is Medical Allowance primarily intended to help employees meet?
What is Medical Allowance primarily intended to help employees meet?
Which component of compensation can be used to pay for personal travel expenses?
Which component of compensation can be used to pay for personal travel expenses?
In which situation would the tax exemption for HRA be higher?
In which situation would the tax exemption for HRA be higher?
What type of income does the second head of income, 'INCOME FROM HOUSE PROPERTY', cover?
What type of income does the second head of income, 'INCOME FROM HOUSE PROPERTY', cover?
How is vacant residential property treated for income tax purposes?
How is vacant residential property treated for income tax purposes?
Which of the following deductions can be availed under the head of 'Income from House Property'?
Which of the following deductions can be availed under the head of 'Income from House Property'?
What is the purpose of standard deduction under the head of 'Income from House Property'?
What is the purpose of standard deduction under the head of 'Income from House Property'?
When does a taxpayer have to pay a 10% TDS on rent?
When does a taxpayer have to pay a 10% TDS on rent?
Which section of the Income Tax Act, 1961, covers the income head of house property in great detail?
Which section of the Income Tax Act, 1961, covers the income head of house property in great detail?
What is a condition that must be fulfilled for income to be taxable under the head of house property?
What is a condition that must be fulfilled for income to be taxable under the head of house property?
Under the head of house property, what type of assets can be considered as taxable income?
Under the head of house property, what type of assets can be considered as taxable income?
What is the maximum tax rate applicable for long-term capital gains on investments held for 3 years or more?
What is the maximum tax rate applicable for long-term capital gains on investments held for 3 years or more?
Which of the following is a way to calculate profit under the head of income from profits and gains of business/profession?
Which of the following is a way to calculate profit under the head of income from profits and gains of business/profession?
Which of the following is not eligible for an exemption under the head of capital gains?
Which of the following is not eligible for an exemption under the head of capital gains?
What do individuals need to do to ensure their income from house property is taxable?
What do individuals need to do to ensure their income from house property is taxable?
