Income Tax : If you’re earning a salary and living in a rented home, you can benefit from the House Rent Allowance (HRA) under Section 10...
Income Tax : Learn about House Rent Allowance (HRA) exemptions and how they affect tax savings. Understand the rules, calculations, and potenti...
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...
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 : 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...
Employees generally receive a house rent allowance (HRA) as a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented house taken by the employee for his stay. Exemption on HRA is available under Section 10(13A) of the Income Tax Act and Rule 2A of the Income Tax Rules. Taxpayer would be surprised to see that there is no amount wise upper ceiling on HRA exemption.
Section 80GG allows the employee to a deduction in respect of house rent paid by him for his own residence. Such deduction is permissible subject to the following conditions :- (a) the employee has not been in receipt of any House Rent Allowance specifically granted to him which qualifies for exemption under section 10(13A) of the Act; (b) the employee files the declaration in Form No. 10BA.
We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions which taxpayers tend to forget to claim while filing there Income Tax Return.
The Income Tax Act allows a salaried individual to claim certain deductions in order to save on taxes. However, to avail the benefits of such deductions, the individual must ensure proper tax planning during the year. Such deductions are allowed on the Gross Total Income (GTI), and income tax is levied on the balance income, […]
House Rent Allowance Calculator for Financial Year 2017-18- Just Enter Pay Slip Details and Rent paid Details, You can calculate the HRA Exemption Amount
Download Automated House Rent Exemption Calculator U/s 10(13A) in Excel.This Calculator may help taxpayers.
Assessee had claimed deduction u/s 10(13A) of 1961 Act which is a wrong claim as no rent was paid by the assessee and the said alleged rent of Rs. 31,500/- per month being paid to mother was shown only to take exemption of HRA u/s 10(13A) of 1961 Act.
For salaried people most of the companies provide House Rent Allowances (HRA) and many companies also provide the facility of Rent free accommodation. Many companies provide the facility of House Rent Allowance (HRA) and in case the employee opt for rent free accommodation facility then HRA is not allowed.
The article covers Introduction, Residential Status, Tax Rates, Head-wise Taxation & Deduction available under the Act. Hope you will find it useful in this Return Filing Season.
Automatic Form 16 cum Income Tax Calculator for Salaried Person in excel format for Financial year 2014-15 / Assessment Year 2015-16. The Calculator calculates Automatically calculates your tax liability with surcharge and marginal relief (if any). Calculator have inbuilt capability to generates Your Form 16 alongwith Form 12BA. The Calculator further incorporated ₹ symbol at all the places where amounts are to be filled.
