{"id":37,"date":"2026-02-20T12:31:40","date_gmt":"2026-02-20T12:31:40","guid":{"rendered":"https:\/\/www.khatriclasses.com\/Blog\/?p=37"},"modified":"2026-02-21T22:36:29","modified_gmt":"2026-02-21T17:06:29","slug":"quiz-1","status":"publish","type":"post","link":"https:\/\/www.khatriclasses.com\/Blog\/quiz-1\/","title":{"rendered":"QUIZ 1"},"content":{"rendered":"<h5>Ans to quiz 1:<\/h5>\n<h5 data-start=\"78\" data-end=\"131\">Correct Answer: YES, still taxable in April<\/h5>\n<h5 data-start=\"133\" data-end=\"227\">Even though it is advance against future salary, the Income Tax rule for salary income is:<\/h5>\n<p data-start=\"231\" data-end=\"341\">Salary is taxable on due basis OR receipt basis, whichever is earlier<br data-start=\"304\" data-end=\"307\" \/>(Section 15 of the Income Tax Act)<\/p>\n<h5 data-start=\"343\" data-end=\"423\">Since Ms. Y received the money in April, it becomes taxable in April itself.<\/h5>\n<h5 data-start=\"425\" data-end=\"459\">\ud83d\udccc Key concept for students:<\/h5>\n<ul data-start=\"460\" data-end=\"627\">\n<li data-start=\"460\" data-end=\"503\">\n<h5 data-start=\"462\" data-end=\"503\">Advance salary \u2192 taxable on receipt<\/h5>\n<\/li>\n<li data-start=\"504\" data-end=\"576\">\n<h5 data-start=\"506\" data-end=\"576\">Arrears of salary \u2192 taxable on receipt (relief u\/s 89 may apply)<\/h5>\n<\/li>\n<li data-start=\"577\" data-end=\"627\">\n<h5 data-start=\"579\" data-end=\"627\">Salary due but not received \u2192 taxable on due<\/h5>\n<\/li>\n<\/ul>\n<h5 data-start=\"629\" data-end=\"718\">\ud83d\udc49 Therefore, \u20b92,00,000 is taxable in April, even though it relates to future months.<\/h5>\n","protected":false},"excerpt":{"rendered":"<p>Ans to quiz 1: Correct Answer: YES, still taxable in April Even though it is advance against future salary, the<\/p>\n","protected":false},"author":1,"featured_media":41,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-37","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quiz"],"_links":{"self":[{"href":"https:\/\/www.khatriclasses.com\/Blog\/wp-json\/wp\/v2\/posts\/37","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.khatriclasses.com\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.khatriclasses.com\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.khatriclasses.com\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.khatriclasses.com\/Blog\/wp-json\/wp\/v2\/comments?post=37"}],"version-history":[{"count":2,"href":"https:\/\/www.khatriclasses.com\/Blog\/wp-json\/wp\/v2\/posts\/37\/revisions"}],"predecessor-version":[{"id":39,"href":"https:\/\/www.khatriclasses.com\/Blog\/wp-json\/wp\/v2\/posts\/37\/revisions\/39"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.khatriclasses.com\/Blog\/wp-json\/wp\/v2\/media\/41"}],"wp:attachment":[{"href":"https:\/\/www.khatriclasses.com\/Blog\/wp-json\/wp\/v2\/media?parent=37"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.khatriclasses.com\/Blog\/wp-json\/wp\/v2\/categories?post=37"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.khatriclasses.com\/Blog\/wp-json\/wp\/v2\/tags?post=37"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}