Question
Download Solution PDFWhich of the following terminology are NOT related to income tax?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe 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.
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