Income Tax - Quiz 4 UGC NET Income Tax / Income Tax Law and Practice Salary received by a member of parliament is: exempt from tax taxable as salary income taxable as income from other source taxable as income profession Standard deduction u/s out of net annual value would be allowed as under: Rs.5,000 30% of net annual value NIL 10% of net annual value Gratuity received by a government employee is: fully taxable fully exempted exempted upto Rs. 10,00,000 exempted upto Rs1,50,000 Perquisites and allowances paid to government employees posted abroad are: fully taxable fully exempted taxable upto 10% of employee’s salary Partially taxable Statutory limit u/s 16(ii) for deduction of entertainment allowances in case of government employee is: Rs.5,000 Rs.7,500 25% of employee’s salary Partially taxable A university teacher is: Govt. employee Semi govt. employee private sector employee. Not an Employee Commuted value of pension is fully exempted in case of: a Govt. employee an employee of private sector an employee of a public sector undertaking Employees of Public Ltd. Company Value of rent free accommodation in case of Govt. employee shall be taxable upto: 20% of employee’s salary license fee fixed by Govt. 15% of employee’s salary. Rs.5,000 Reimbursement of medical bill for treatment from a Govt. hospital is exempted upto: full amount Rs.15,000 one month’s salary of the employee Rs.10,000 Dearness allowance is taxable in case of: All employees Govt. employees employee of the private sector Semi.Govt employees Compiled by Mr. S.Jithendran.
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