Hra Exemption News Today

Financial Literacy News: HRA claims mismatch: Taxpayers should remain cautious. If there's a discrepancy between the rent paid and the rent received by the landlord, potential

Financial Literacy News: Learn about the eligibility, benefits, tax implications, and how to calculate HRA exemption for House Rent Allowance. Get your queries answered in this comprehensive guide.

Several court verdicts — including the recent one in June 2023 by the Income Tax Appellate Tribunal (ITAT) in Aman Kumar Jain’s case — have decided that the rent paid by a man to his wife is allowed as HRA and tax exemption is permitted for the same

The current govt will be presenting its interim budget ahead of its forthcoming general elections. Taxpayers expect big measures with this budget

One reason for high tax is the low exemption for the HRA component in his salary. Up to 10% of the basic salary put in the NPS on behalf of the employee is deductible under Section 80CCD(2). There are some tax-free perks, such as reimbursement of newspaper expenses, meal coupons. Sudhir Kaushik of TaxSpanner.com tells readers how readers can optimise their tax by rejigging their income and investments

It is important to note that the income tax department may scrutinize your HRA claim if you are claiming it for multiple properties

How to bring down the tax outgo significantly by claiming all the deductions available to him. Use HRA exemption; NPS benefits offered by company, LTA and medical insurance to reduce income tax outgo. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.

In this edition of Ask Money Today, find out how can you claim HRA exemption on rented accommodation.

House Rent Allowance or HRA is part of an employees salary that employers provide to cover the cost of their rental accommodation.

Section 10(13A) of the Income-tax Act, 1961 read with Rule 2A of the Income-tax Rules, 1962, governs the exemption towards HRA received from employer.