1. In case of Tax free salary, ..............................
a) Tax is to be paid by employer
b) No tax is payable on such salary
c) Tax is to be paid by the employee
d) Govt, itself pays the tax at a future date
2. Dearness allowance is taxable in the hands of .................
a) Govt employees
b) Non Govt employees
c) All employees
d) None of these
3. A Perk is .........................
a) Cash paid by employer to employee
b) Facility provided by employer to employee
c) Amount credited to employees
d) None of these accounts
4. Perquisites to employees are covered in the I.T. Act 1961 under...................
a) Sec 2a.
b) Sec. 17b.
c) Sec 28a.
d) Sec. 36c.
5. The value of Interest free concessional loans to employees is determined on the basis of lending rates of ..................... for the same purpose
a) S.B.I.
b) R.B.I
c) Central govt
d) State govt.
6. An employee is deemed as specified employee if he is a director in the company or has substantial in the company or his chargeable salary per annum exceeds.
a) Rs. 5,00,000.
b) Rs. 2,00,000.
c) Rs. 1,00,000.
d) Rs. 50,000
7. Value of rent free accommodation in case of Govt. employee shall be taxable up to .......................
a) 15% of employees salary.
b) 7.5% of employees salary
c) License fee fixed by Govt.
d) 10% of employees salary
8. Value of rent free accommodation a house owned by employer in case of non- Govt. employees with above 25 lakhs population is ......................
a) 10% of employees salary
b) 15% of employees salary
c) 7.5% of employee salary
d) 20% of employees salary
9. Interest on RPF balance is exempted up to .......................
a) 9.75%
b) 9.5%.
c) 10%.
d) 12%.
10. Employers contribution to RPF is exempted up to ...................
a) 10% of salary
b) 13% of salary
c) 12% of salary
d) 11% of salary