Tag Archives: HRA

Living in a rented apartment? Hope you have taken your landlord’s PAN

myITreturn

Finding a rented place for living is not an easy task, we should atleast not let go off the perks involved like HRA exemption. As far as taxation is concerned, various things such as rent agreement, HRA benefits, TDS provisions on payment of rentals etc are all taken care of. However many… Read more »

How is HRA calculated for shared flat?

myITreturn

If you are living with your friends, colleagues or others in a shared flat, you can avail HRA benefit in proportion of rent that you are paying. HRA could be claimed in your Income-tax return only if you have submitted rent receipts to your employer. Hence you need to make sure that you… Read more »

Allowances can help you save Income-tax

myITreturn

Salaried taxpayer receives emoluments(benefits) from his/her employer generally referred as his package. The emoluments consists of various items such as Basic Salary, Dearness Allowance, Bonus, Commission on sales, Perquisites etc. All these items are covered separately in the Form 16 of the taxpayer. Out of these, allowances play a vital… Read more »

House Rent Allowance

myITreturn

Q. What is House Rent Allowance (HRA)? Ans.: If a taxpayer is a salaried person and living in a rented house, then certain sum of money is paid to him every month by his employer as Allowance against accommodation. The very purpose of paying this allowance is to meet the… Read more »