Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Allowances, Exempted and Fully Taxable Allowances
Allowances, Exempted and Fully Taxable Allowances Video Lecture | Income Tax for assessment (Inter Level) - Taxation
|
405 videos|72 docs
|
FAQs on Allowances, Exempted and Fully Taxable Allowances Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What are allowances in taxation? |  |
Ans. Allowances in taxation refer to specific amounts of money that are deducted from an individual's taxable income. These deductions reduce the overall tax liability of the taxpayer.
| 2. What are exempted allowances? | |
Ans. Exempted allowances are allowances that are not subject to tax. These allowances are provided to employees for specific purposes such as house rent, travel, or medical expenses. They are excluded from the taxable income of the employee.
| 3. What are examples of fully taxable allowances? | |
Ans. Fully taxable allowances are allowances that are subject to tax. Some examples of fully taxable allowances include dearness allowance, city compensatory allowance, and special allowance. These allowances are added to the taxable income of the employee and are taxed accordingly.
| 4. How are allowances taxed? | |
Ans. Allowances are taxed based on their nature. Some allowances are exempted from tax, while others are fully taxable. The exempted allowances are not included in the taxable income, whereas the fully taxable allowances are added to the taxable income and taxed accordingly.
| 5. Can allowances be claimed as deductions while filing taxes? | |
Ans. No, allowances cannot be claimed as deductions while filing taxes. Allowances are already deducted from the taxable income before calculating the tax liability. Only specific deductions, such as medical expenses or home loan interest, can be claimed while filing taxes.
Related Exams
About this Video
|
4.87/5 Rating |
|
Nov 16, 2024 Last updated |
Video Description: Allowances, Exempted and Fully Taxable Allowances for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
The notes and questions for Allowances, Exempted and Fully Taxable Allowances have been prepared according to the Taxation exam syllabus.
Information about Allowances, Exempted and Fully Taxable Allowances covers all important topics for Taxation 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Allowances, Exempted and Fully Taxable Allowances.
Introduction of Allowances, Exempted and Fully Taxable Allowances in English is available as part of our Income Tax for assessment (Inter Level) for Taxation & Allowances, Exempted and Fully Taxable Allowances in
Hindi for Income Tax for assessment (Inter Level) course. Download more important topics related with notes, lectures and mock test series for
Taxation Exam by signing up for free.
Description
Video Lecture & Questions for Allowances, Exempted and Fully Taxable Allowances Video Lecture | Income Tax for assessment (Inter Level) - Taxation - Taxation full syllabus preparation | Free video for Taxation exam to prepare for Income Tax for assessment (Inter Level).
Information about Allowances, Exempted and Fully Taxable Allowances
Here you can find the meaning of Allowances, Exempted and Fully Taxable Allowances defined & explained in the simplest way possible.
Besides explaining types of Allowances, Exempted and Fully Taxable Allowances theory, EduRev gives you an ample number of questions to practice Allowances, Exempted and Fully Taxable Allowances tests,
examples and also practice Taxation tests.
|
405 videos|72 docs
|
|
Explore Courses for Taxation exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Viva Questions
,shortcuts and tricks
,Exempted and Fully Taxable Allowances Video Lecture | Income Tax for assessment (Inter Level) - Taxation
,MCQs
,past year papers
,Exempted and Fully Taxable Allowances Video Lecture | Income Tax for assessment (Inter Level) - Taxation
,Allowances
,Exempted and Fully Taxable Allowances Video Lecture | Income Tax for assessment (Inter Level) - Taxation
,Objective type Questions
,Semester Notes
,Important questions
,Allowances
,Extra Questions
,study material
,Allowances
,video lectures
,Sample Paper
,mock tests for examination
,Exam
,ppt
,Previous Year Questions with Solutions
,Free
,Summary
,practice quizzes
;
Study Allowances, Exempted and Fully Taxable Allowances on the App
Students of Taxation can study Allowances, Exempted and Fully Taxable Allowances alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Allowances, Exempted and Fully Taxable Allowances,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Allowances, Exempted and Fully Taxable Allowances is prepared as per the latest Taxation syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup