Q. Rent Free Accommodation given to an employee by the employer is a _________
✅ Correct Answer: (A)
Allowance
Audit Taxation MCQs and Notes
Q. The salary, remuneration or compensation received by the partners is taxable under the head _______________.
✅ Correct Answer: (C)
Salary
Q. Pension is _______________ under the salary head.
✅ Correct Answer: (B)
Partially taxable
Q. Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of
✅ Correct Answer: (A)
Resident
Q. M took a loan of Rs. 6,00,000 on 1.4.2011 from a bank for construction of a house. The loan carries an interest @ 10% p.a. The construction is completed on 15.6.2013. The entire loan is still outstanding. Compute the interest allowable for the assessment year 2020- 21
✅ Correct Answer: (C)
Rs. 84,000
Q. Calculate the Gross Annual value from the following details: Municipal Value - Rs. 45,000 Fair rental value - Rs. 50,000 Standard rent - Rs. 48,000 Actual Rent - Rs. 42,000
✅ Correct Answer: (B)
Rs. 48,000
Q. For an employee in receipt of hostel expenditure allowance for his three children, the maximum annual allowance exempt under section 10(14) is
✅ Correct Answer: (B)
Rs.7,200
Q. Surcharge of 10 per cent is payable by an individual where the total income exceeds:
✅ Correct Answer: (C)
Rs.10,00,000
Q. Contribution was made by PFI towards Credit Guarantee Fund Trust. Such expenditure shall be considered as:
✅ Correct Answer: (A)
Revenue expenditure
Q. An assessee incurred expense of tax on non monetary perquisites of employees. Such expenditure shall be considered as:
✅ Correct Answer: (D)
Expressly disallowed