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Sources of Income for Individual Taxpayers Quiz

6 Questions

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Sources of Income for Individual Taxpayers Quiz

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Questions and Answers

Which type of income is derived from the sale of capital assets?

Passive income (correct)

Compensation income

Business and professional income

Bonus income

What is an example of De Minimis allowance mentioned in the text?

Overtime Pay

Holiday Pay

Commissions

Living Quarters or Meals Allowances (correct)

Under what conditions is retirement pay generally taxable?

Employee has rendered 5 years in the same company

Employee is at least 40 years old at the time of retirement

Employee has rendered 10 years in the same company (correct)

Employee availed it for the second time

What type of income is typically exempted from income tax for minimum wage earners?

Salaries & Wages Signup and view all the answers

Which type of allowance depends on who benefited from the action?

Living Quarters or Meals Allowances Signup and view all the answers

What type of income is earned by selling goods and services?

Business and professional income Signup and view all the answers