Income Tax : From April 2026, 8 cities qualify for 50% HRA exemption. New rules impact calculations, compliance, and disclosures for salaried t...
Income Tax : The Draft Income-tax Rules, 2026 require salaried taxpayers to disclose their relationship with landlords, enabling enhanced scrut...
Income Tax : Explains that HRA exemption is not permitted under the new tax regime and is fully taxable. Key takeaway: employees must compare r...
Income Tax : Summary of key tax rules for rental and house property income under the Income Tax Act, including sub-letting, deemed ownership, c...
Income Tax : Detailed summary on salary, allowances, perquisites, pension, gratuity, HRA, standard deduction, and related tax exemptions under ...
Income Tax : Explore the current status of Bengaluru's inclusion for HRA exemption under income tax laws and government policy on metropolitan ...
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 : The Tribunal upheld the disallowance of HRA exemption under Section 10(13A) as the assessee failed to submit any supporting docume...
Income Tax : ITAT restores Sunil Shigli’s appeal after CIT(A) summarily dismissed it over a supposed 4-day delay. Tribunal di...
Income Tax : The ITAT Ahmedabad has allowed an assessee's appeal, condoning a 30-month delay and ruling against the CPC's disallowance of House...
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...
SEBI : SEBI addresses employee concerns on HRA and work culture, asserting transparency and accountability amidst claims of external infl...
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...
With the year coming to an end, salaried people rush to submit their tax declarations to their employers. It hurts when your employer deducts tax from your reward for 30 days of hard work. In order to save tax, one has to jump through all kinds of hoops; investments in ELSS, fresh insurance policies, PPF, etc. House Rent Allowance (HRA) is one of the favourite tools of the salaried class to save taxes. HRA exemption gives big relief to those paying rent for their accommodation.
For some people, the tax-planning season has just started. You know that house rent allowance (HRA) and the deduction related to home loan repayment can lower your tax liability. You will be pleased to know, in certain cases, you can avail tax benefits from both of these.
Landlord’s PAN not needed to claim HRA if annual rent is below Rs 1 lakh and f rent paid exceeds Rs.1 lakh per annum, it is mandatory for the employee to report PAN of the landlord to the employer. An employee who receives HRA can claim an exemption in respect of rental payments under section 10(13A) […]
Each & Every Employer will have to be 100% statutory compliant w.r.t. all labour laws including but not limited to The Employees Provident Funds & Miscellaneous Provisions Act 1952, Minimum Wages Act 1948, Bonus Act 1965, Employee State Insurance Act 1948 and all other labour laws. Decisions of recent judgements w.r.t. PF, ESIC, Minimum Wages […]
There is a huge confusion in the minds of taxpayers about whether the tax benefits in respect of House Rent Allowance (HRA) and the benefits attached with a home loan be claimed in the sqme year. This article intends to clear the doubts in this regard.
House Rent Allowance rules and regulations Under House Rent Allowance rules and regulations, you will get exemption up to a minimum of the following amounts: Actual House Rent Allowance (HRA) received by the employee in the year. Rent paid by the employee for his accommodation in excess of 10% of his salary. 50% of the […]
House Rent Allowance exemption under section 10(13A) is allowed if Salaried individuals getting House Rent Allowance as part of salary and full fill below two conditions: He has taken a residential accommodation in which he resides on rent. He has not occupied such property in which he resides.
CBDT has vide CIRCULAR NO. 8/2013, Dated: Dated: October 10, 2013 said if annual rent paid by the employee exceeds Rs 1,00,000 per annum, it is mandatory for the employee to report PAN of the landlord to the employer.
Generally Salaried are entitled to various tax benefits and investment avenues to save tax which are not available to self employed. However the government has tried to do the balancing act at some places by providing tax benefits/investment avenue to self employed as well which are not identically similar but are somewhat similar. Let us discuss some of thsse benefits/investment avenues.
Buying a home is a dream come true for many , but a bit of homework could reduce your tax liability enormously. Many of us are aware that interest on home loan enjoys tax benefits, but only few might know that House Rent Allowance, a component in your salary, could also be a big tax saver if it is combined with the home loan benefit.
