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House rent rebate in income tax

house rent rebate in income tax

Clarification by Addl Commissioner of IT, Hyd, as per CIT-14/TDS-State Govt/2012-13 Dated.2.13.
Now if you fall in the 20 or sims 3 daily deal 30 bracket, its on you to pay the remainder of the income tax.
From 1st April 2016, gains from sale of unlisted equity shares will be considered long term if holding period is 24 months or more.Under section 10(13A) of the Act, any special allowance specifically granted to an assessee by his employer to meet expenditure incurred on payment of rent (by whatever name called) in respect of residential accommodation occupied by the assessee is exempt from Income-tax to the extent as may.Hence let us discuss the Calculation of House Rent Allowance Exemption in Income Tax as per Income Tax Act 1961, Section 10(13A Read with Rule 2A of Income Tax Rules 1962.Calculating HRA rebate, maximum income tax exemption on house rent would be the least of: - Actual HRA - Actual rent less 10 of salary - 40 of salary (50 of salary in the metros).Finance Minister Arun Jaitley announced the first Union Budget of Narendra Modi government on Thursday.A contribution of up.50,000 towards NPS can be claimed as a deduction in addition.Also read our article.This tax is, in turn, passed down to the government.

Above 10 lakhs.1,12,500 30 of income above.10 lakhs This is the income tax slab for FY 2017-18 for taxpayers under 60 years.
It has to be noted that only the expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee subject to the limits laid down in Rule 2A, qualifies for exemption from income-tax.
They deduct 20 tax if they dont have your PAN in their records.If you are paying tax for a financial year during the financial year, you will pay advance tax.Send ITR V or e-verify your tax return Get income tax refund The deadline to e-file your income tax return is 31 July.Browse by Topic: Income Tax Basics, everyone who earns or gets an income in India is subject to income tax.It may, however, be noted that this concession is only for the purpose of tax-deduction at source, and, in the regular assessment of the employee, the Assessing Officer will be free to make such enquiry as he deems fit for the purpose of satisfying himself that the employee.Tax Glossary Form 26AS Form 26AS is a tax summary statement that contains all the tax payments youve made yourself (self-assessment tax/ advance tax) or tax someone deducted (TDS) on your behalf.Union Budget 2017: ClearTaxs coverage and analysis Want to know how much tax youll be paying in 2017-18?Filing your Income Tax Return Filing income tax return online: The process E-file online at ClearTax is a more complete and better alternative to filing on the income tax website m ClearTax is for more than just e-filing your income tax return.