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Income Tax: Definition of Salary Income

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Questions and Answers

What is the maximum percentage of interest credited to R.P.F?

9.5%

15%

12% (correct)

10%

Which of the following is classified under 'Allowances'?

Professional Tax

Transferred balance

Motor car (correct)

Standard deduction

What is included in 'Perquisites'?

Contribution made by employer

House Rent Allowance

Rent free accommodation (correct)

Children Education Allowance

Which of the following is considered as 'Income from Salary'?

Gross Income from Salary Signup and view all the answers

What is deducted under 'Deductions u/s 16(ii)'?

Entertainment Allowance Signup and view all the answers

Which component falls under 'Profit in lieu of salary'?

Compensation received on termination Signup and view all the answers

Which of the following is NOT included in the definition of 'salaries' according to Section 17(1) of the Income Tax Act?

Profit sharing Signup and view all the answers

What is the relationship required between the payer and payee for income to be considered as 'salary income'?

Employer and employee Signup and view all the answers

Which of the following is a permissible deduction from Salary Income before computation?

Standard Deduction Signup and view all the answers

In the computation of Income from Salary, which of the following is categorized under 'Allowances'?

Professional Tax Signup and view all the answers

Which of the following is NOT one of the sub-headings that Salary received by an employee may consist of?

Death benefit Signup and view all the answers

Which one of the following does NOT fall under the definition of 'salaries' according to Section 17(1) of the Income Tax Act?

Dividends from investments Signup and view all the answers