IFS

Question 1

Charging Section for IFS

Answer 1

Section 15

Question 2

Salaries are chargeable to tax on DUE/RECEIPT BASIS?

Answer 2

whichever is earlier

Question 3

Net basic Salary=

Answer 3

+TDS Deducted
+provident fund contribution
+ loan installment= GROSS BASIC SALARY

Question 4

Bonus is taxable when it is DUE/RECD?

Answer 4

Received

Question 5

Arrears of salary/Advance Salary is taxable when it is DUE/RECD?

Answer 5

Received

Question 6

Commission is taxable/exempt?

Answer 6

Taxable

Question 7

HOUSE RENT ALLOWANCE is exempt u/s

Answer 7

Section 10(13A)

Question 8

C3UTTA4 TC UDHR is exempt u/s ______

Answer 8

10(14)

Question 9

Commutation/transport Allowance for physically handicapped is _____

Answer 9

Upto 3200 pm is exempt

Question 10

Children education Allowance ____

Answer 10

Upto 100 pm per child (max 2 child) is exempt

Question 11

Children Hostel Allowance_____

Answer 11

Upto 300 pm per child (max 2 child) is exempt

Question 12

Underground Allowance (COAL MINES) _____

Answer 12

Upto 800 pm is exempt

Question 13

Allowances to employees of transport undertakings( driver, conductor) _____

Answer 13

70% of amt recd
Or
10000 pm
WHICHEVER IS LOWER

Question 14

Counter insurgency Allowance____

Answer 14

Upto 3900 pm is exempt

Question 15

Altitude Allowance (>9000 to 15000 ft) ______

Answer 15

Upto 1060 pm is exempt

Question 16

Altitude allowance (more than 15000 ft)

Answer 16

Upto 1600 pm is exempt

Question 17

Highly Active Field Area Allowance ______

Answer 17

Upto 4200 pm is exempt

Question 18

Island Duty Allowance ____

Answer 18

Upto 3250 pm is exempt

Question 19

Travelling on tour/transfer
Conveyance Allowance
Uniform Allowance
Daily Allowance
Helper Allowance
Research Allowance ____

Answer 19

Amt spent= Amt exempt

Question 20

Formula for HRA

Answer 20

1) 50% / 40% of salary
2) Actual HRA recd
3) Rent paid minus 10% of salary
whichever is lower

Question 21

50% is for ____ and 40% is for ____

Answer 21

50%-Metro cities
40%-Non metro cities

Question 22

Salary includes ____

Answer 22

Basic Salary
D. A. (Interms)
Turnover Commission

Question 23

Deduction for IFS in u/s ___

Answer 23

Section 16

Question 24

Treatment for ENTERTAINMENT ALLOWANCE for other employees is ____

Answer 24

Only include in Gross Salary
NO DEDUCTION

Question 25

Treatment for ENTERTAINMENT ALLOWANCE for govt. employees is ____

Answer 25

First include in GROSS SALARY and Deduction u/s 16 1)1/5 × basic salary 2) actual amt recd 3) maximum 5000 **Whichever is lower**

Question 26

Gratuity is exempt u/s

Answer 26

10(10)

Question 27

For Govt employees, gratuity is ___

Answer 27

FULLY EXEMPT

Question 28

POGA means

Answer 28

Payment of Gratuity Act

Question 29

For POGA employees, GRATUITY is exempt upto _____

Answer 29

1)15/26 × salary pm {basic salary pm + DA(both)} × no of yrs of service 2) Actual amt recd 3) Max ₹ 20,00,000 **Whichever is lower**

Question 30

For Other Employees, GRATUITY is exempt upto____

Answer 30

1)1/2 of salary × {avg of (basic salary pm + DA(INTERMS)pm + TC pm) } × no of yrs of service 2)Actual amt recd 3) max 20 lakhs **whichever is lower**

Question 31

Avg should be taken for

Answer 31

10 months preceding the month of retirement

Question 32

For NO. OF YEARS in POGA employees fraction should be ____

Answer 32

Rounded of if it is more than 6 months

Question 33

For NO. OF YEARS in other employees fraction should be ____

Answer 33

IGNORED

Question 34

Pension is exempt u/s ____

Answer 34

Section 10(10A)

Question 35

Uncommuted pension is ____

Answer 35

Taxable for all employees

Question 36

Commuted pension for Govt. Employees is _____

Answer 36

Fully exempt

Question 37

Commuted pension for other employees is ____

Answer 37

If GRATUITY RECD - 1/3rd of total commuted value If GRATUITY NOT RECD - 1/2 of total commuted value