Income From Salary Chapter- 07
(d) None of the aboveQ. 8 In case of rent free accommodation the amount to be included in the salary income of the employee
is ____
(a) FM value of rent
(b) 45% of basic salary
(c) Lower of FMR or 45% of basic salary or(d) Higher of FMR or 45% of basic salaryQ. 9 In case of conveyance provided by the employer to his employee for business use, amount to be
included in salary is____
(a) 10% of FMV of car
(b) 5% of cost of car
(c) Higher of cost or FMR or(d) None of the aboveQ. 10 Where an employee has a salary income with bonus, the bonus received shall be
___salary income:
(a) Included in
(b) Excluded from
(c) Ignored forQ.11 In case of rent free accommodation, amount to be included in the salary income of the employee is
____.
(a) 10% of basic salary
(b) 20% of basic salary
(c) 25% of basic salary(d) 45% of basic salaryQ. 12 The amount expended by the employer on leave fare assistance is included in the salary income of
the employee ___.
(a) Whole
(b) Half(c) Proportionate
(d) None of theseQ.13 An employee is entitled to deduct ____ incurred in deriving salary income.
(a) travelling expenses
(b) personal expenses(c) entertainment expenses
(d) None of aboveQ.14 House rent allowance provided by employer to his employees is ___.
(a) taxable(b) not taxable
(c) exempt up to 45% of basic salary