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