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Questions and Answers
Which type of income is derived from the sale of capital assets?
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?
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?
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?
What type of income is typically exempted from income tax for minimum wage earners?
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Which type of allowance depends on who benefited from the action?
Which type of allowance depends on who benefited from the action?
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What type of income is earned by selling goods and services?
What type of income is earned by selling goods and services?
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