Business Taxation
R
Q 21. Mr. Ram owns a house property. He lent it to Laxman at ` 10,000 p.m.
Laxman sublet it to Mr. Maruti on monthly rent of ` 20,000 p.m. Rental
income of Laxman is taxable under the head .
V
Q 22. Under the Head Income from House Property, the basis of charge is the of property.
P
Q 23. Any commission due or received by a partner of a firm from the firm shall not be regarded as salary income under .
V
Q 24. Expenditure on free meals to employee in excess of………………per meal will be treated as perquisite of employee.
R
Q 25. Gift to employee up to p.a. will not be treated as perquisite taxable in the hands of employee.
P
Q 26. If loan granted by employer to employee does not exceed …………., it is not treated as perquisite to employee for purpose of income tax.
A
Q 27. Advance salary is taxable and advance against salary is .
V
Q 28. The following is exempt income from Income Tax:.
P
Q 29. The following is not taxable as income under the head “Salaries”:
G