INCOME UNDER THE HEAD SALARIES [Sec.15 to 17]
CHAPTER-4
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An employee of a public limited company received Rs. 3,00,000 as encashment of leave salary at the time of retirement. He has 18 months' leave to his credit at the time of retirement and his average salary for last 10 months is Rs. 24,000. The taxable amount of leave encashment would be *
10 points
Ravi is receiving Rs. 10,000 as medical allowance from his employer. Out of this, he spends Rs. 5,000 on his own medical treatment, Rs. 2,000 on the medical treatment of his dependent wife and another Rs. 3,000 for the medical treatment of his major son who is not a dependent on him. The amount of medical allowance taxable in his hand is *
10 points
An employee of a company, who was entitled for a gratuity of Rs. 8,00,000, also received Rs. 12,00,000 by commuting 40% of his pension. The taxable amount of commuted pension is *
10 points
Mr. Ashwin retired on 31-10-2019 after rendering 35 years of service in PLN & Co. Ltd. He received gratuity of Rs. 28 lakhs. He is governed by Payment of Gratuity Act, 1972. The ceiling limit eligible for exemption is *
10 points
Mr. Arjun employed in KL (P) Ltd. at Mumbai was provided rent-free accommodation by the employer who owned such accommodation. The salary income of Mr. Arjun for the purpose of computing the perquisite value is Rs. 8 lakhs. The perquisite value of rent-free accommodation in the hands of Mr. Arjun is *
10 points
Mr. A is employed in ABS Transports as cabin driver. He is paid Rs. 15,000 every month in the whole of previous year as allowance for meeting his personal expenditure in the course of running the goods vehicle. Mr. A does not receive any other amount by way of daily allowance. The amount of allowance eligible for exemption is *
10 points
A company has provided laptop worth Rs. 50,000 to its employee for official as well as personal purposes. The taxable amount of perquisite will be *
10 points
Allowances and perquisites allowed to an employee for services outside India are tax free in case of *
10 points
Mrs. Beena retired from service with Sky Ltd. on 31st January. She received the following amounts from unrecognised provident fund: (i) own contribution Rs. 1,50,000; (ii) Interest on own contribution Rs. 20,000; (iii) Employer’s contribution Rs. 1,10,000; and interest on employer’s contribution Rs. 15,000. How much of the receipt is chargeable to tax as income from salary *
10 points
HSP & Associates had taken Keyman insurance policy on the life of its Managing Partner. The policy got matured on 13th September 2019 and amount of Rs. 75 lakh was paid by the insurers to the Managing Partner. The amount so received on maturity of the policy by the managing partner *
10 points
A company acquired a motor car for Rs. 8 lakh on 30th June, 2018. It sold the said motor car to its employee, Jayant, for Rs. 6 lakh on 10th June 2019. The company claimed depreciation @ 15% for the year ended 31st March 2020. The perquisite value in the hands of Jayant on sale of motor car would be *
10 points
Pawan, employed in Magic Ltd., was eligible for transport allowance of Rs. 2,000 per month to meet his travel expenses from residence to office. He actually incurred Rs. 1,200 per month towards travel. The amount of transport allowance chargeable to tax would be *
10 points
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