BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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withholding allowance
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net pay
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payroll register
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medicar
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Detailed explanation-1: -Investments in Public Provident Fund (PPF), National Savings Certificate (NSC), mutual fund Equity-Linked Savings Scheme (ELSS), tax saver fixed deposits. Contributions made to National Pension Scheme (NPS), Sukanya Samriddhi Yojana (SSY) Interest on home loans. Medical insurance premium.
Detailed explanation-2: -What is the maximum amount you can claim under Section 10? If you are under the age of 60 you can be exempted for Rs.2.50 lakh and if you are a senior citizen then your basic tax exemption limit is Rs.3 lakhs.
Detailed explanation-3: -What is meant by Gross Salary? Gross salary is the monthly or yearly salary of an individual before any deductions are made from it. Components such as basic salary, house rent allowance, provident fund, leave travel allowance, medical allowance, Professional Tax etc.
Detailed explanation-4: -Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. The amount remaining after all withholdings are accounted for is net pay or take-home pay.