Rent-free accommodation provided by employer to employee is \(\underline{\hspace{1cm}}\).
Show Hint
- Perquisite under Section 17(2) of IT Act
- Perquisite under Section 16(2)
- Allowance under Section 10(13A)
- Allowance under Section 10(1)
The Correct Option is A
Solution and Explanation
Top Questions on Tax Law
- Read the given statements and choose the correct option: Statement 1: Agricultural income is exempt from tax under Section 10(1) of the Income Tax Act, 1961. Statement 2: Tax on non-agricultural income in case non-agricultural income exceeds the basic exemption limit and agricultural income exceeds ₹5000 is determined by the scheme of partial integration of non-agricultural income with agricultural income.
- The term "Income" is described in the Income Tax Act, 1961 under:
- Mr. X deposits ₹65,000 in the term deposit of 5 years with the Post Office to avail tax deduction under Section 80C. Assuming Mr. X does not opt for concessional tax regime u/s 115BAC of the Income Tax Act, 1961. On the basis of the above problem, select the correct option.
- The term "Income" is described in the Income Tax Act, 1961 under \(\underline{\hspace{1cm}}\).
- Mr X deposits ₹65,000 in a 5-year term deposit with the Post Office to avail deduction under Section 80C. Assuming Mr X does not opt for the concessional regime u/s 115BAC, what is correct?
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