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Questions and Answers
What is the maximum exemption limit for monetary benefits received from employers for voluntary retirement?
What is the maximum exemption limit for monetary benefits received from employers for voluntary retirement?
- ₹ 5 lakh (correct)
- ₹ 10 lakh
- ₹ 3 lakh
- No limit
What percentage of commuted pension is exempt from tax if the employee receives gratuity?
What percentage of commuted pension is exempt from tax if the employee receives gratuity?
- ¾
- ½
- â…“ (correct)
- ¼
Which of the following is eligible for tax exemption under the new tax regime?
Which of the following is eligible for tax exemption under the new tax regime?
- Conveyance allowance (correct)
- Medical allowances
- Bonus payments
- Overtime payments
What is the tax exemption limit for gifts received from employers?
What is the tax exemption limit for gifts received from employers?
What is the percentage of commuted pension that is exempt from tax if the employee does not receive gratuity?
What is the percentage of commuted pension that is exempt from tax if the employee does not receive gratuity?
Which of the following is eligible for tax deduction under the new tax regime?
Which of the following is eligible for tax deduction under the new tax regime?
Which section of the tax code provides exemption on compensation received against natural disasters?
Which section of the tax code provides exemption on compensation received against natural disasters?
What is the maximum percentage of salary allowed as House Rent Allowance in metro cities?
What is the maximum percentage of salary allowed as House Rent Allowance in metro cities?
What is the main purpose of the special allowance provided by an employer?
What is the main purpose of the special allowance provided by an employer?
Which of the following is not a condition for House Rent Allowance exemption?
Which of the following is not a condition for House Rent Allowance exemption?
What is the condition for tax exemption on income earned by a partner of an LLP/Firm?
What is the condition for tax exemption on income earned by a partner of an LLP/Firm?
What is the benefit of Section 10(11) for Sukanya Samriddhi Account holders?
What is the benefit of Section 10(11) for Sukanya Samriddhi Account holders?
What is the tax exemption available to Non-Resident Indians (NRIs) under Section 10(4)?
What is the tax exemption available to Non-Resident Indians (NRIs) under Section 10(4)?
Who is entitled to enjoy tax exemption on leave travel concession under Section 10(5)?
Who is entitled to enjoy tax exemption on leave travel concession under Section 10(5)?
Which section of the tax code is subdivided into two parts?
Which section of the tax code is subdivided into two parts?
What is the condition for the existing employer to receive the leave travel concession?
What is the condition for the existing employer to receive the leave travel concession?
How much is Mr. Sharma's income from the firm exempt from tax?
How much is Mr. Sharma's income from the firm exempt from tax?
What is the minimum percentage of share in the partnership firm required for tax exemption?
What is the minimum percentage of share in the partnership firm required for tax exemption?
What is the maximum amount of allowance per month given to army personnel in the Border Area Allowance?
What is the maximum amount of allowance per month given to army personnel in the Border Area Allowance?
What is the name of the allowance given to employees working in hilly regions of the country?
What is the name of the allowance given to employees working in hilly regions of the country?
Which of the following allowances has a maximum limit of Rs. 3,200 per month?
Which of the following allowances has a maximum limit of Rs. 3,200 per month?
What is the rule that exempts income from interest on investments?
What is the rule that exempts income from interest on investments?
What is the minimum amount of allowance per month given in the Border Area Allowance?
What is the minimum amount of allowance per month given in the Border Area Allowance?
What is the maximum amount of allowance per month given in the High Active Field Area Allowance?
What is the maximum amount of allowance per month given in the High Active Field Area Allowance?
What is the primary focus of Section 10 of the Income Tax Act?
What is the primary focus of Section 10 of the Income Tax Act?
What is the maximum income tax exemption limit for citizens above 80 years of age, resident in India?
What is the maximum income tax exemption limit for citizens above 80 years of age, resident in India?
What is the condition for receiving interest at an approved rate from a foreign nation under Section 10(15)(iv)(c)?
What is the condition for receiving interest at an approved rate from a foreign nation under Section 10(15)(iv)(c)?
What is the exemption limit for citizens below 60 years of age?
What is the exemption limit for citizens below 60 years of age?
Which of the following is exempt from income tax under Section 10(15)(iv)(h)?
Which of the following is exempt from income tax under Section 10(15)(iv)(h)?
What is the exemption limit for citizens between 60-80 years of age, resident in India?
What is the exemption limit for citizens between 60-80 years of age, resident in India?
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