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Income-tax and Corporate Tax Planning MCQ - Income Tax and Corporate Tax Planning Section 2

61 Arrear rent is taxable after deducting ____________ as per Section 25B of the Income Tax Act, 1961.

62 Monish took a loan of ` 6,00,000 on 1.4.2014 from a bank for construction of a house. The loan carries an interest @ 10% p.a. The construction is completed on 15.6.2016. The entire loan is still outstanding. Compute the interest allowable for the assessment year 2016-17.

63 The value of interest-free concessional loans to employees is determined on the basis of lending rates of__________for the same purpose.

64 Value of rent-free accommodation in case of Government employee shall be taxable up to___________.

65 Value of rent-free accommodation or a house owned by the employer in case of non-government employees with above 25 lakh population is ______________.

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Question:

The assesses can claim relief under________________for arrears or advance salary.

A. Section 89(1)
B. Section 89(2)
C. Section 89(3)
D. Section 89(4)

Correct answer: A

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