Mon, Jul 08, 2024
Know how to maximize tax savings through employee allowances in this article. Ensure that the mentioned allowances are integrated into your salary structure to reduce taxable income and optimise financial benefits. Consult with HR to include these allowances and effectively manage your tax liabilities while enjoying various perks tailored to your employment.
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Wed, Jul 03, 2024
Income tax saving tips: Employed taxpayers who want to take tax benefits of House Rent Allowance can employ this tactic to save their income tax.
Tax exemption benefits: Section 80C of the Income Tax Act is quite a popular section among salaried persons when it comes to saving tax in a financial year. The section provides tax exemption of up to Rs 1.50 lakh in a financial year. But not just Section 80C, House Rent Allowance (HRA) also comes under the purview of tax exemption. This part is deducted from your total income before calculating gross taxable income.
Tue, Apr 02, 2024
Many of us get House Rent Allowance (HRA) as part of our monthly salary. HRA gives us tax deduction under Section 10(13A) of the Income Tax Act. Employees staying in Tier-1, Tier-2 and Tier-3 cities get different slabs of HRAs. Do you know how tax relaxation on HRA is calculated? How much HRA tax exemption can you get on a basic annual salary of Rs 4 lakh.
Taxpayers get tax exemption on house rent receipts. But some taxpayers are misusing this option by misusing PAN cards. After various such cases came to the fore, the Income Tax Department has started cracking down on the violators misusing the HRA i.e. House Rent Allowance option by giving fake documents. The Income Tax Department has found out in its investigation that many people have misused the PAN cards of other persons.
Sun, Jan 07, 2024
Income Tax 2023-2024: People filing income tax returns seek every possible option that can help them save their hard-earned money. There are many tax saving tactics, including your salary allowances that can help you save your tax. In today's write-up, we will tell you one such tax saving option that can help you save tax considerably.
Sat, Jul 29, 2023
To claim HRA by paying rent to relatives, a valid rental agreement, proper payment channels, and property ownership in the name of the rent receiver are crucial. With the income tax return deadline ending today (July 31, 2023), you should know whether incorporating such rent documents in your ITR can benefit you in tax saving.
Employees who haven't provided their HRA paperwork to their employers can still update (or correct) their rent details while filing their ITR till the deadline today (July 31, 2023).
Wed, Jun 07, 2023
Proper documentation and adherence to regulations are crucial when claiming HRA exemption for rent payments made to parents.
Wed, Jun 26, 2019
Renting a property is not so great option as it requires a bit of documentation, transparency, and understanding between landlords and tenants. In order to avoid unnecessary issues and trouble in future, there should be a discussion on every single thing among the involved parties.
Mon, Mar 18, 2019
Income Tax return filing: The financial year is almost over and the tax season is now well and truly here. The few days left in March offer the last opportunity to save on your hard earned money, else you will lose a big chunk of your money to the taxman.
Wed, Feb 20, 2019
Income Tax Calculator: The current Financial Year is about to end in a month. With this, most of the salaried individuals are also concerned about how to save income tax. If you see your salary slip, you will find a major portion of your salary is categorised under House Rent Allowance (HRA).
Tue, Mar 13, 2018
House rent allowance (HRA) is paid by employers to employees as part of salary break-up. HRA provides tax benefit for the rent employees pay for accommodations every year.
Thu, Mar 01, 2018
Income Tax Returns (ITR) filing: In case you have purchased a residential property on loan, but you live in another home which you pay rent for, you can claim available tax benefit for HRA as well as against the Home Loan. The condition however, is that both rented and owned property should be in different cities.
Thu, Feb 22, 2018
Union Finance Ministry has reportedly set a panel to take a final call on demands of these employees by April this year.
Mon, Feb 19, 2018
The Union Cabinet had earlier examined 197 allowance, recommending abolition of 53 allowance and subsuming 37 in others.
Mon, Jul 31, 2017
While the central government employees are still dissatisfied with the revised allowances, this salary revision will be for the last time as the government is planning to not form any pay commission post this.
Mon, Jul 24, 2017
Standing Committee of National Council(JCM) with the Additional Secretary, Department of Expenditure, held a meeting today to discuss the issues arising after the implementation of 7th Pay Commission.
Thu, Jul 13, 2017
Apart from the central bank, HSBC report had said that 7th Pay Commission implementation has put inflation in an "uncertain zone".
Union Cabinet meet which was chaired by Prime Minister Narendra Modi approved the recommendations of the 7th Pay Commission with 34 modifications.
Tue, Jul 11, 2017
Union Cabinet last month under Prime Minister Narendra Modi gave its final go-ahead to 7th Pay Commission recommendations with 34 modifications.
Mon, Jul 10, 2017
After over a year of waiting, 50 lakh government employees finally have something to cheer as Prime Minister Narendra Modi led Union Cabinet last month accepted all 7th Pay Commission recommendations, including House Rent Allowance (HRA) and Dearness Allowance (DA), with some modifications.
Mukesh Singh, Secretary of Bharatiya Pratiraksha Mazdoor Sangh wrote a letter to Ministry of Defence on June 29, following the day when Modi-led committee approved 7th Pay Commission recommendations.
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