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

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

AExemption 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

BExemption 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

CExemption 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

DExemption 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

Show Suggested Answer

Suggested Answer: B

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

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Marjory

4 months ago

Totally agree, actual gratuity received matters too!

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Ryan

4 months ago

Wait, is it really Rs. 3,50,000? I thought it was lower!

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Lucia

4 months ago

Rs. 3,50,000 is the cap for exemption.

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Kayleigh

4 months ago

I thought it was 15 days' wages, not 7.

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Yaeko

5 months ago

Exemption limit is 7 days' wages for seasonal employees!

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Noel

5 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

5 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

5 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

5 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

5 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

5 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

5 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

10 months 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

10 months 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

9 months ago

You should definitely double-check the IT Act to be sure.

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Van

9 months ago

I agree, it seems like the most accurate choice.

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Belen

9 months ago

I think Option B is correct.

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Kris

10 months 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

9 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

9 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

9 months 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

10 months 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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