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AAFM GLO_CWM_LVL_1 Exam - Topic 4 Question 64 Discussion

What is the exemption criteria U/S 10(10) (ii) of the IT Act, 1961 for any gratuity received by a seasonal employee?
B) Exemption limit is least of three: (i) 7 day's wages based on last drawn salary for every number of seasons worked, (ii) Rs. 3,00,000/-, (iii) Actual gratuity received
A) Exemption limit is least of there: (i) 7 day's wages (calculated as 26 working days in a month) based on last drawn salary for every number of seasons worked, (ii) Rs. 3,50,000/-, (iii) Actual gratuity received
C) Exemption limit is least of three: (i) 15 day's wages based on last drawn salary for every completed year (ii) Rs. 3,50,000/-, (iii) Actual gratuity received
D) Exemption limit is least of three: (i) 15 day's wages based on last drawn salary for every completed year (ii) Rs. 4,00,000/-, (iii) Actual gratuity received

AAFM GLO_CWM_LVL_1 Exam - Topic 4 Question 64 Discussion

Actual exam question for AAFM's GLO_CWM_LVL_1 exam
Question #: 64
Topic #: 4
[All GLO_CWM_LVL_1 Questions]

What is the exemption criteria U/S 10(10) (ii) of the IT Act, 1961 for any gratuity received by a seasonal employee?

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Suggested Answer: B

by Allene at Jul 28, 2023, 11:44 AM

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Marjory
7 months ago
Totally agree, actual gratuity received matters too!
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Ryan
7 months ago
Wait, is it really Rs. 3,50,000? I thought it was lower!
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Lucia
7 months ago
Rs. 3,50,000 is the cap for exemption.
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Kayleigh
7 months ago
I thought it was 15 days' wages, not 7.
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Yaeko
8 months ago
Exemption limit is 7 days' wages for seasonal employees!
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Noel
8 months ago
I thought the exemption was Rs. 3,00,000 for seasonal employees, but I might be mixing it up with another section of the IT Act.
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Sage
8 months ago
I feel like the actual gratuity received is always part of the exemption criteria, but I’m confused about whether it’s 15 days or 7 days for seasonal workers.
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Isaiah
8 months ago
I remember practicing a similar question, and I think the limit was Rs. 3,50,000, but I can't recall if that was for seasonal or regular employees.
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Amira
8 months ago
I think the exemption limit for seasonal employees is based on 7 days' wages, but I'm not sure if it's calculated for every season worked or just for completed years.
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Tu
8 months ago
Hmm, this seems pretty straightforward. I think the key is to focus on the reasons for activating person accounts in a B2B Commerce org.
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Valentin
8 months ago
Okay, let me break this down step-by-step. The question says the tool will prompt us to enter client information, and then generate an XML file. That sounds like option E, installadm create-profile, which is designed for that exact purpose.
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Lucina
9 months ago
Hmm, I'm a bit unsure about this one. I know the salicylates are used to treat arthritis, but I can't remember the specifics of how they work. I'll have to think this through carefully.
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Raymon
1 year ago
Ah, the old 'gratuity for seasonal employees' conundrum. I feel like this question is trying to trick us. Option B seems legit though.
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Isadora
1 year ago
Hmm, I think Option B is the right answer. But I'm not too sure, maybe I should double-check the IT Act.
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Rashad
12 months ago
You should definitely double-check the IT Act to be sure.
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Van
12 months ago
I agree, it seems like the most accurate choice.
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Belen
1 year ago
I think Option B is correct.
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Kris
1 year ago
Wait, what? Gratuity for a seasonal employee? I thought they didn't get any benefits. This is a tricky one!
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Ernestine
12 months ago
C) Exemption limit is least of three: (i) 15 day's wages based on last drawn salary for every completed year (ii) Rs. 3,50,000/-, (iii) Actual gratuity received
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Tijuana
12 months ago
B) Exemption limit is least of three: (i) 7 day's wages based on last drawn salary for every number of seasons worked, (ii) Rs. 3,00,000/-, (iii) Actual gratuity received
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Judy
1 year ago
A) Exemption limit is least of there: (i) 7 day's wages (calculated as 26 working days in a month) based on last drawn salary for every number of seasons worked, (ii) Rs. 3,50,000/-, (iii) Actual gratuity received
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Sharika
1 year ago
Option B looks correct to me. The exemption limit is the least of 7 days' wages for each season worked, Rs. 3,00,000, and the actual gratuity received.
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Cassi
1 year ago
Yes, option B is the most suitable one considering the exemption limit for gratuity received by a seasonal employee.
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Yvette
1 year ago
I agree with you, option B seems to be the right choice based on the exemption criteria.
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Jani
1 year ago
I think option B is correct. It's the least of 7 days' wages for each season worked, Rs. 3,00,000, and the actual gratuity received.
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Gwenn
1 year ago
Hmm, I'm not sure now. I need to double-check the provisions of the IT Act.
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Sharika
1 year ago
I believe it's actually least of 15 day's wages, Rs. 4,00,000, or actual gratuity received.
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Gwenn
1 year ago
I think the exemption criteria is least of 7 day's wages, Rs. 3,50,000, or actual gratuity received.
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