House Rent Allowance (HRA), is an important component in most salary slips. Here are 7 must knows to help you utilise this component of your salary in a tax-efficient manner.
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
According to a study, there are several misconceptions regarding income tax.
Taking the advantage of both is a tricky affair.
You need not worry even if there is a mismatch between your income and deduction in Form 16/16A and Form 26AS, says Ashley Coutinho
ICICI Bank, the country's largest private sector lender, has revised allowances paid to its executive directors, including that of its managing director and CEO Chanda Kochhar.
Can one claim both HRA and home loan benefits? This seems to be a confusing factor for most tax payers.
If your house owner does not have a PAN, you need not worry, as long as he/she is ready to sign a self declaration stating he does not have a PAN. You can submit a copy of this declaration to your employer and avail of the HRA deduction.
The revised draft of DTC has proposed some major changes for the taxpayers. However, the changes in the revised draft are far from being the bold changes envisaged in the earlier draft.
Normally, most of us have this understanding that whatever HRA amount we receive as part of our salary is the maximum amount that is considered for tax rebate under HRA. This is NOT correct though. Read on to get the details.
It depends on the city and the rental being paid.
Finance Minister Arun Jaitley on Monday did not change tax slabs but offered a relief of Rs 3,000 to the salaried with income below Rs 5 lakh per year.
After stiff resistance from its employees against a steep pay cut, National Aviation Company of India Ltd), which runs Air India, has come out with a fresh proposal to impose a 15-17 per cent cut on the total salary package.The total package includes basic salary, dearness allowance, house rent allowance and payments made under the productivity-linked incentive scheme . The cut, however, would not be applicable on 4000 employees.
The decision to improve the salary structure of officers at board level and below, along with supervisory staff, was taken at the Cabinet meeting presided over by Prime Minister Manmohan Singh.
Let us evaluate various possible situations an individual can find himself in and understand what the Income Tax Act permits him to do.
Most taxpayers will benefit from being in the old tax regime, assuming they optimise their salary for tax benefits and claim the deductions available to them.
The I-T department's app is useful for those looking for information, grievance redress, and resolving PAN- or TAN-related issues.
Here's why you can claim tax deduction on interest paid on your home loan as well as claim deduction on house rent alowance.
Do you know that you can claim tax benefits on rent paid even while housing rent allowance is not a part of your salary? Get Ahead Tax expert Mahesh Padmanabhan tells you how, how much and under which section you can claim tax benefits.
Tax expert Mahesh Padmanabhan on how employees can use fringe benefits in their salary to help save tax.
Allowances and perks will be up to 50 per cent of revised basic pay. House rent allowance and retiral benefits are outside the basic pay limit. The report was presented to Heavy Industry Minister Santosh Mohan Dev by the Second Pay Revision Committee Chairman M Jagannadha Rao in New Delhi.
The Karnataka legislative assembly on Tuesday passed bills enhancing the salaries and allowances of the chief minister, ministers and legislators.
