Question 1

Full form of TDS
A)Tax deducted at source
B)Tax deducted for source
C)tax deducted by source
D)none of above

Accepted Answer

The full form of TDS is "Tax Deducted at Source," which refers to the practice where the government requires the payer to deduct tax at the time of making a payment and remit it to the government treasury.

Question 2

profit or income of that particular year.
A)set off
B)carry forward
C)none of above
D)both of above

Accepted Answer

Set off refers to the adjustment of losses against the profit or income of that particular year.

Question 3

Capital LosseCan be carry forward up to next______________assessment years from the assessment year in which the loss was incurred
A)8
B)4
C)2
D)5

Accepted Answer

Capital losses can be carried forward up to the next 8 assessment years from the assessment year in which the loss was incurred.

Question 4

which of the following are the basic condition to become resident of india
A)He must be in India for 182 days or more in relevent previous year
B)He must be in India for 60 days or more in Relevent Previous year AND In preceding 4 previous year he must be in
C)both a and b
D)none of the above

Accepted Answer

The answer of which of the following are the basic...

Question 5

Salary should have relationship
A)employer employee
B)Master and servent
C)both a and b
D)none of the above

Accepted Answer

The term "salary" is associated with the compensation paid for services rendered in a professional relationship, which can be described both in terms of an employer-employee relationship and historically as a master-servant relationship. Both contexts emphasize the aspect of payment for work or services provided, although the term "master and servant" is outdated and has been replaced by more modern employment terminology.

Question 6

salary is chargeable to tax on
A)Receipt
B)due
C)Receipt or due whichever is earlier
D)none of the above

Accepted Answer

Salary is chargeable to tax on a "receipt or due whichever is earlier" basis. This means that salary income is taxable either when it is received or when it becomes due, whichever happens first, according to tax laws in many jurisdictions.

Question 7

Arear on salary are taxable on             
A)Receipt
B)due
C)Receipt or due whichever is earlier
D)none of the above

Accepted Answer

The answer of Arear on salary are taxable on             
A)Receipt
B)due
C)Receipt or...

Question 8

means fixed quantum of money given regularly in addition to salary to meet particular requirement
A)Allowance
B)Perquisites
C)pension
D)none of the above

Accepted Answer

Allowance refers to a fixed amount of money given regularly in addition to salary for meeting specific needs or expenses.

Question 9

An allowance to meet the expenses in connection with the rent of the house, by whatever name called
A)House Rent allowance
B)Perquisites
C)pension
D)none of the above

Accepted Answer

House Rent Allowance (HRA) is specifically designed to meet expenses related to renting a house for accommodation purposes.

Question 10

It is an extra amount given to an employee to meet the burden of inflation or increased cost of living.
A)House Rent allowance
B)Dearness allowance
C)both a and b
D)none of the above

Accepted Answer

Dearness Allowance (DA) is specifically designed to offset the impact of inflation on an employee's cost of living. House Rent Allowance (HRA) is intended to help with housing expenses and is not directly linked to inflation adjustments.

Question 11

Which of the allowances are fully taxable
A)Dearness allowance
B)Lunch allowance
C)Medical allowance
D)All of the above

Accepted Answer

All of the allowances listed - Dearness allowance, Lunch allowance, and Medical allowance - are considered fully taxable under most tax jurisdictions, assuming they are provided by an employer to an employee without specific exemptions or conditions that make them non-taxable.

Quiz 2: Taxation and Allowances

Full form of TDS

profit or income of that particular year.

Capital LosseCan be carry forward up to next______________assessment years from the assessment year in which the loss was incurred

which of the following are the basic condition to become resident of india

Salary should have relationship

salary is chargeable to tax on

Arear on salary are taxable on

means fixed quantum of money given regularly in addition to salary to meet particular requirement

An allowance to meet the expenses in connection with the rent of the house, by whatever name called

It is an extra amount given to an employee to meet the burden of inflation or increased cost of living.

Which of the allowances are fully taxable