8/29/2019 Unit Test-4(Defined Benefits)

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Started on Thursday, 29 August 2019, 9:39 PM

State Finished
Completed on Thursday, 29 August 2019, 9:39 PM
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Question 1 Mr. Ajit joined M/s Lion Mona Sona Ltd. Company on 1st August 1975.
Not answered He retired from the services on 15th October 2009,at superannuation age
Marked out of of 60 years, when his last drawn salary was Basic Salary Rs. 10,000 per
1.00 month, DA Rs.5,000 per month (Only 50% was forming part of her
Retirement Benefits), HRA - 20% of Basic & City Compensatory Allowance
- 5% of Basic .Assume that Mr. Ajit received a gratuity of Rs 3,00,000.

Select one:
a. Taxable Rs 3,00,000

b. Taxable Rs. 2,59,615

c. Taxable Rs. 40,484

d. Taxable Rs. Nil

The correct answer is: Taxable Rs. 2,59,615

Question 2 The salary for 15 days as per payment of Gratuity Act is calculated by
Not answered dividing the figure by _____
Marked out of
1.00 Select one:
a. 30

b. 27

c. 15

d. 26

The correct answer is: 26

Question 3 When gratuity is received from two employers then the maximum
Not answered amount of exemption should not exceed ________
Marked out of
1.00 Select one:
a. 35000

b. 375000

c. 300000

d. 350000

The correct answer is: 350000

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8/29/2019 Unit Test-4(Defined Benefits)

Question 4 Ms. Leena aged 23 years joined M/s Talisman (P) Ltd. on 1st June 2009.
Not answered Unfortunately, she met with an accident on 15th Feb'2010 due to which
Marked out of she was hospitalized and succumbing to the injuries she died on 31st
1.00 March'2010. Her last drawn salary was Basic Salary Rs. 5,000 per month,
DA Rs.1,000 per month, HRA - 50% of Basic & City Compensatory
Allowance - 10% of Basic. The Co. is covered by ""The Payment of
Gratuity Act, 1972"".Her kin received a gratuity of Rs 2,00,000/-.As a
Financial Planner work out the Gratuity amount so receivable by her
Father (Nominee) if any as well as the taxable amount after exemptions if
any u/s 10(10) of ""The Income Tax Act, 1961"".4

Select one:
a. All gratuity will be taxable in her father

b. Gratuity received Rs. Nil and Taxable Rs. Nil

c. She will not be entitled to receive gratuity as she has not

completed 5 years of service

d. None of the above

The correct answer is: All gratuity will be taxable in her father

Question 5 Ram has received gratuity of Rs. 75000 in the year 2000. In the year 2009
Not answered he received an additional gratuity of Rs. 300000. The amount exempt
Marked out of from tax will be ________
1.00
Select one:
a. 350000

b. 275000

c. 75000

d. 300000

The correct answer is: 275000

Question 6 In case of Payment of Gratuity Act, a nomination made in favour of a

Not answered person who is not a member of the family of the employee
Marked out of
1.00 Select one:
a. Would always be valid once it is accepted

b. Would be valid only if the employee did not have a family

c. Would be valid only if it is approved by a Court of Law

d. Would never be valid

The correct answer is: Would be valid only if it is approved by a Court of

Law

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8/29/2019 Unit Test-4(Defined Benefits)

Question 7 The gratuity received by the nominee (or the dependents) in case of the
Not answered death of the employee while in service is
Marked out of
1.00 Select one:
a. Totally exempt from Income Tax

b. To be subject to Wealth Tax and exempt from Income tax

c. None of the above

d. Exempt from Income Tax up to the ceiling prescribed in the Act

and any gratuity in excess of that is taxable

The correct answer is: Totally exempt from Income Tax

Question 8 M/s Infosys Ltd wants to pay Gratuity over and above than the prescribed
Not answered ceiling as given under ""The Payment of Gratuity Act, 1972"", As a
Marked out of Financial Planner offer suitable advance:4
1.00

Select one:
a. None of the above

b. Yes, at the same rate or higher rate and with or without the
prescribed ceiling

c. No, Not allowed

d. Yes, Since PGA, 1972 is not Applicable to M/s Infosys Ltd.

The correct answer is: Yes, at the same rate or higher rate and with or
without the prescribed ceiling

Question 9 The figure fixed for gratuity exempt under the Payment of Gratuity Act is
Not answered ____
Marked out of
1.00 Select one:
a. Rs 300000

b. Rs 325000

c. Rs 35000

d. Rs 350000

The correct answer is: Rs 350000

Question 10 The figure of salary used for the calculation of gratuity under the
Not answered Payment of Gratuity Act does not include _________
Marked out of
1.00 Select one:
a. None of the above

b. Basic salary

c. Bonus and Commission

d. Dearness Allowance

The correct answer is: Bonus and Commission

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