House rent allowance (HRA) is an integral part of most people’s salary. This salary component is not entirely taxable as salaried individuals are allowed the lowest of the following amounts as tax deductions under … READ FULL STORY
Those planning to claim tax deductions on the house rent allowance component of their salary have to submit rent receipts to their employers as the proof of the rent payment. At the time of submitting … READ FULL STORY
To claim tax deductions against the house tax allowance component of your salary, you are required to submit proofs by way of rent receipts and rent agreements. However, it is a common practice in … READ FULL STORY
Last year, several salaried taxpayers came under the scanner of the income tax department for submitting income tax returns with bogus rent receipts from close relatives, among other things. According to media reports, the … READ FULL STORY
A rent receipt is an acknowledgement slip provided by the landlord to the tenant, on receiving the rent as per the terms agreed upon in the rent agreement. Whether you have occupied a residential … READ FULL STORY
Salaried employees in India can claim tax deductions on the house rent allowance (HRA)Â component of their monthly salary under Section 10(13A), Rule number 2A of the Income Tax Act. However, to claim this exemption, … READ FULL STORY
With work-from-home becoming key part of many companies in India, several salaried employees have the chance to shift to their native places and work from there. A significant number of such employees receive House Rent … READ FULL STORY
You can lower your income tax liability by claiming exemption on the house rent allowance (HRA) you receive as part of your salary even if you pay rent to your spouse. In fact, The … READ FULL STORY
The annual salary an employee gets from his employer is divided into various components. The component that is paid for renting an accommodation is known as the House Rent Allowance or HRA. HRA is … READ FULL STORY
Your basic salary is entirely taxable. However, this is not true for some other components of your salary, including the HRA component. What is HRA? Almost always, house rent allowance (HRA) is an … READ FULL STORY
Is a large part of your salary getting deducted in taxes since you stay with your parents or other family members and you are not able to claim HRA (house rent allowance) exemptions? The … READ FULL STORY
HRA stands for House Rent Allowance. The employer provides a portion of your salary to cover the costs incurred towards rented accommodations. If you reside in a rented house, you can claim an HRA … READ FULL STORY
Since house rent allowance or HRA is almost always an integral part of a company’s salary structure, knowing the nitty-gritty of HRA calculation and HRA exemption is crucial for tax savings purposes. How so? … READ FULL STORY
