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Categories >> Accounting >> Audit


 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1903)
 Accounting General interview questions  Accounting General Interview Questions (2826)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4368)
 Question Submitted By :: Audit
I also faced this Question!!     Answer Posted By  
# 1
HRA Means "House Rent Allowances"

1. Actual HRA received from the organization
2. Rent Paid for the year minus 10% of Basic
3. 40% of Basic Salary

it should be calculated by the minimum value of above 3 points.
Is This Answer Correct ?    70 Yes 9 No
# 2
We can calculate House Rent Allowance by the following:
H.R.A.Received ....
1.actual HRA received...
2.50%(in metro cities) of salary ...
40%(in other cities) of salary ...
3.Rent paid over10%of salary ...
in above three which ever less is exempted .....
Is This Answer Correct ?    27 Yes 3 No
# 3
On Basic plus Dearness Allownce. 
Is This Answer Correct ?    22 Yes 7 No
# 4
HRA stands for House Rent Allowance, it is an allowance that almost every salaried employee receives as part of there salary package from there employer to meet the cost of rent that they pay for their home. In other words, HRA is a compulsory part of salary of an individual which every salaried person receives irrespective of the type of property he resides in. Which means, if your employer chooses to offer HRA then you will get this as part of your salary whether you stay in a rented house or reside in your own house.
As being a taxable part of salary, HRA gets special treatment in income tax law and is exempt from income tax to a certain extent. Now you must want to know ‘How much income tax exemption can you claim on your HRA?’

As per the income tax law, least of following three will be exempted.

Actual amount of HRA received from your employer as part of your salary

Actual house rent paid by you minus 10% of your basic salary (this includes basic + dearness allowance, if any)

50% of your basic salary (if you reside in a rented house in metro city) or 40% of your basic salary (if you reside in a rented house in non-metro city)
Is This Answer Correct ?    9 Yes 3 No
Bhupender Janmejai
# 5
HRA means House Rent Allowance. It is calcualted on Basic
Salary as per City classes. 10 to 40%
Is This Answer Correct ?    6 Yes 19 No
Dinesh Katoch

Other Audit Interview Questions
  Question Asked @ Answers
what is a contra entry how it is passed in journal and cashbook?   4
What is your Strenth and waekness & why Deloitte 1
when can we change the Depreciation Method? and what is the requirements. UBS 3
Service tax for last 2 years not paid. while paying this year, do i need to pay for 3yrs or 1 yr? Accenture 4
duties of auditor   9
A company paid Mr.R an advance payment of Rs 5000 as tour allowance. After the tour R, submitted travel bill with a expense of Rs3000. He return Rs 1000 and claimed to pay the rest 1000 on a future date. Please pass the journal entries.   6
What is difference between management audit and internal audit?   3
what was ur role in team? Bharti 2
if a person is transferred to other place he has not prepared any report regarding AUDIT and someone else is joined in his place and IF AUDIT IS CONDUCTED WHO WILL BE RESPONSIBLE FOR PENDING PREPORT Shriram 2
in trial balance if there is PROVISIONS given under the heading current liabilities then where will its effect be ??   2
what is mean by misc- assets?   3
What is tax audit   27
For more Audit Interview Questions Click Here 

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