Which are the allowances are exempted from the income tax, Taxation

Assignment Help:

Q. Which are the allowances are exempted from the income tax?

Ans:

1. Uniform Allowance and Sumptuary Allowance

2. Death cum Retirement gratuity received by Government Servant their families.

3. Gratuity received by an employee

4. Any payment in commutation of pension.

5. Any some received under life insurance policy.

6. Amount by way of encashment of unutilized earned leave.

Related Discussions:- Which are the allowances are exempted from the income tax

Compute gross income from merchandise sales, 1. Ben lost his job when his e...

1. Ben lost his job when his employer moved its plant. During the year, he collected unemployment benefits for three months, a total of $1,800. While he was waiting to hear from pr

Indirect taxes, disadvantages of indirect taxes

disadvantages of indirect taxes

TRANSFER PRICING, (i) Discuss, using appropriate examples, the concept of ‘...

(i) Discuss, using appropriate examples, the concept of ‘transfer pricing’ and explain why tax authorities around the world have become concerned about it.

Corporate Taxation, A owns all of the stock of X. The stock’s basis is $2,...

A owns all of the stock of X. The stock’s basis is $2,300. X has a total of current earnings and profits of $1,500 but accumulated earnings and profits of negative $500 (i.e., an

Marginal tax bracket, Maskot Industries wishes to determine whether it woul...

Maskot Industries wishes to determine whether it would be advisable to replace an existing, fully depreciated machine with a new piece of equipment. The new machine will cost $300,

Future value and interest rate, Describe the relationship between (i) futur...

Describe the relationship between (i) future value and interest rate; (ii) future value and time period. What about the relationship between the present value and the same variable

Consolidated tax returns, Avis''s taxable income for the year is $300,000 a...

Avis''s taxable income for the year is $300,000 and Best''s taxable income for the year is $425,000. For each of the scenarios provided,

1040 Project in Tax Individuals US, Hi Dear, Could you please do my Proj...

Hi Dear, Could you please do my Project in Tax individuals class ..!! and I attached the all Instructions. Thank you

Beneficial for gencorps shareholders, In May 2003, Gencorp acquired Sequa C...

In May 2003, Gencorp acquired Sequa Corp.'s propulsion subsidiary ARC for $133million in cash and $11 million in transactions costs. Table below lists selected information about

Income tax project, Facts Valerie Lawson and Clara Norman are the sole equ...

Facts Valerie Lawson and Clara Norman are the sole equal shareholders in the corporation of Lawson And Norman Enterprises, Inc. The corporation, which is a retail office supplies

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages