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 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (158)
 Taxation interview questions  Taxation Interview Questions (1905)
 Accounting General interview questions  Accounting General Interview Questions (2833)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4371)
Question
what is HRA ? HOW WILL CAILUCATED ?
 Question Submitted By :: Audit
I also faced this Question!!     Answer Posted By  
 
Answer
# 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
Guruprasad
 
Answer
# 2
We can calculate House Rent Allowance by the following:
H.R.A.Received ....
Less:
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
Lalitha
 
 
 
Answer
# 3
On Basic plus Dearness Allownce. 
Is This Answer Correct ?    22 Yes 7 No
Yogesh
 
Answer
# 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
 
Answer
# 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
 
Expand---------PRSM   1
Is Taxi bills allowed to claim the LTA?   1
Does anyone work for the CA state as an Auditor? I am a new college graduate and I need some tips on what questions I will be asked during the interview for the Auditor 1 position. Can anyone help? CA 2
Expand---------RDES   1
What is the Procedure for Audit the Educational Institutions? and what are the documents we have to verify?   2
difference b/w debit and credit   10
What is your Strenth and waekness & why Deloitte 1
Tell us about your experience in conducting audits. IBM 1
Assume we have taken a vehicle on leasing Cost Of vehicle Rs.2445000 (vat 261964.00)on 22/12/09 ,the vecle lease for 4 years and made intial paymenent as Rs.25000 &the monthly leasing amount Rs.59806.00,pls let me know the double entries for this finacial year (with figers) Fidelity 1
Expand---------SRPM   1
what are the duties of an internal auditor   1
is there any preference in language can i give my interview in hindi Sbi 1
 
For more Audit Interview Questions Click Here 
 
 
 
 
 


   
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