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Which of the following terminology are NOT related to income tax?

Which of the following terminology are NOT related to income tax? Correct Answer Taxpayer Identification Number (TIN)

The correct answer is Taxpayer Identification Number(TIN).

Key Points

  • Taxpayer Identification Number is a number issued to individuals and organizations to track tax obligations and payments they make to the Internal Revenue Service (IRS). 
  • TIN is issued by the federal government.
  • TAN is to be obtained by all persons who are responsible for deducting tax at source (TDS) or who are required to collect tax at source (TCS).
  • Leave Travel Allowance (LTA) is an exemption for allowance/assistance received by the employee from his employer for travelling on leave.
  • Dearness Allowance is paid by the government to its employees as well as a pensioner to offset the impact of inflation.

Additional Information

  • Generally, Dearness Allowance is revised by the Government twice a year.
  • The TIN number is generally used in the Stock Market.
  • TAN number is a 10 digit number.
  • PAN stands for Permanent Account Number.
  • PAN number is also a 10 digit unique number.

Related Questions

Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
Income up to Rs. 5,00,000 is tax-free. Up to Rs. 10,00,000, income above Rs. 5,00,000 is taxed at 10% and if the income exceeds Rs. 10,00,000, the tax rate is 20% for income above Rs. 10,00,000. If the income of X is Rs. 15,00,000, then what percentage of his income will be paid as tax?
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