Income Tax : Explore the illicit use of PANs in House Rent Allowance (HRA) claims, revealed by the Tax Department. Understand HRA conditions, c...
Income Tax : Comprehensive guide to Section 80GG of the Income Tax Act. Learn about eligibility criteria, quantum of deduction, and an illustra...
Income Tax : Understand taxability of various salary components, allowances, perquisites, and retirement benefits in India. Learn about exempti...
Goods and Services Tax : Learn about House Rent Allowance (HRA) and its tax benefits. Find out who is eligible to claim HRA and what to do if you don't rec...
Income Tax : Explore the admissibility of House Rent Allowance (HRA) paid to parents or spouse under Section 10(13A) of the Income Tax Act. Ana...
Income Tax : Ministry of Finance addresses misconceptions regarding CBDT's supposed special drive to reopen cases related to HRA claims, clarif...
Finance : A government employee is not entitled to get House Rent Allowance(HRA) if he or she is residing with the spouse who has been all...
Income Tax : In the Ravindra R.V. vs. DCIT case, ITAT Bangalore remits the denial of HRA exemption under Section 10(13A) back to the AO for rec...
Income Tax : The Income Tax Appellate Tribunal (ITAT) Delhi has ruled in favor of Aman Kumar Jain against the Income Tax Officer, permitting re...
Corporate Law : Manipur High Court held that the benefit of HRA is for the welfare of the families of the employees who are posted in difficult st...
Income Tax : Abhay Kumar Mittal Vs DCIT (ITAT Delhi) it was submitted that Income Tax Act does not prohibit claiming HRA exemption on the rent ...
Income Tax : Clause (h) of Rule 2A specifically provides that ‘salary’ includes dearness allowance, if the terms of employment so provede, ...
Income Tax : No.2/4/2022-E.IIB Government of India Ministry of Finance Department of Expenditure *** North Block, New Delhi. Dated the 30th Dec...
Income Tax : Proof of savings/documents viz. insurance premium receipt, NSC, Infrastructure Bond, PPF Bank Statement, Housing Loan Certificate ...
Income Tax : Circular No. 90-Income Tax With the issue of orders in the Government of India, Ministry of Finance (Department of Expenditure),...
Income Tax : Reference is invited to the Central Board of Direct Taxes letter F. No. 12/19/64-IT(B), dated 22-2-1966 , where in it was intimate...
Income Tax : Explore CBDT Letter F. No. 12/19/64-IT(B) dated 22-2-1966, clarifying HRA exemption for Central Govt employees receiving flat-rate...
What is House Rent Allowance: – HRA is an allowance (Salary Component paid to employees by an employer towards payment of rent for residence of the employee. Taxability of House Rent Allowance: – As House rent Allowance (HRA) granted by Employer to Employee is part of Salary. It will be taxable under the head “Income […]
Generally employee submits Rent receipt and rent deed to his employer to claim exemption of tax on account of HRA however recently CBDT vide circular :08/2013 dated 10 Oct 2013 has made mandatory that If annual rent paid by the employee to his/her land lord exceeds Rs 1,00,000 per annum
Difference between House Rent Allowance(HRA) & Section 80GG for Rent Paid? & their calculations as per the Income-tax Act: An assessee who stays in a rented house can reduce tax liability by claiming exemption on HRA or deduction u/s 80GG. Let us understand the terms What is the House Rent Allowance (HRA)? House Rent Allowance […]
House Rent Allowance (HRA) is generally considered as a part of salary component and is generally added in the salary structure to help the individual to save taxes. House rent allowance deduction is given under section 10(13A) of the Income Tax Act accordance with Rule 2A of the Income Tax Rules. If you stay in […]
House rent paid by a salaried person who is getting House Rent Allowance (HRA) Where expenditure is incurred by the assessee towards payment of house rent, he is allowed to get a deduction from his total income. Least of the following is exempt from tax u/s 10(13A) read with Rule 2A: (i) Actual amount of […]
Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or education organisation or in contemplation of death of the donor. Also, in case an individual receives any gift from any local authority as specified under the Act, the same would not be taxable.
CTC is cost to company and the components are Basic +HRA +Conveyance +Mobile/Telephone Expense Reimbursement +Medical Reimbursement +All allowances +Leave Travel Allowance (LTA).
THIS HRA CALCULATOR GIVES AN IDEA ABOUT – a) How is Exemption u/s 10 (13A) given? b) What are the requirements for claiming deduction u/s 10 (13A) and who is eligible? c) What are the TDS requirements in respect of rent paid? d) Format of Rent Receipt and Declaration to be given by landlord who […]
Treatment of Interest against House Property in computation of Income [Section 24(b), 80EE, 80 EEA] After calculating the gross annual value (GAV) which is fairly simple to compute, most of the confusion to calculate the income under house property lies in computing the amount of interest deductible from the GAV. Section 24(b) of the Income […]
HRA is covered under Section 10(13A) of Income Tax Act 1961. Salaried Employees who live in a Rented house can claim HRA to lower their taxes – partially or wholly. The decision of how much HRA needs to be paid is made by employer. Part of Salary is apportioned to HRA. 1. CONDITIONS FOR CLAIMING HRA EXEMPTION? – Salaried Individual only can […]
