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 Audit interview questions  Audit Interview Questions (428)
 CompanyAffairs CS interview questions  CompanyAffairs CS Interview Questions (159)
 Taxation interview questions  Taxation Interview Questions (1916)
 Accounting General interview questions  Accounting General Interview Questions (2844)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4376)
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 20 No
Dinesh Katoch
 

 
 
 
Other Audit Interview Questions
 
  Question Asked @ Answers
 
Can we claim for the amt. of CST paid if in the case of sales return with in six month? Genpact 6
What are your primary responsibilities in Accountant employment   3
What areas are your strengths and what areas would you like to develop   2
when Deferred Tax Asset & Deferred tax liability arises? TATA 19
what is internal check?   3
Expand---------PRSM   1
Audit evidence obtained directly by the auditor will not be reliable if: A) the auditor lacks the qualifications to evaluate the evidence. B) it is provided by the client's attorney. C) the client denies its veracity. D) it is impossible for the auditor to obtain additional corroboratory evidence.   2
Sir, I want to know ... What is excise duty ?   4
1.How do you effectively solve Accounts problems 2. What was the most demanding / stressful situation that you have handled in your current capacity (Accountant):   2
in trial balance if there is PROVISIONS given under the heading current liabilities then where will its effect be ??   2
What are the basic rules in accounting.   10
Why we are prepareing Bank Reconciliation Statements ?   10
 
For more Audit Interview Questions Click Here 
 
 
 
 
 


   
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