Keep rent receipts, rental agreements, or bank statements showing rent payment as evidence in case of scrutiny by the tax authorities. (Image: Freepik) Rent is often one of the biggest expenses for ...

The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from ...

One of the most exploited provisions is Section 10(13A), which permits exemption on HRA. Kindly note that this illustration generated using Microsoft Copilot has only been posted for representational ...

A serious flaw in the Income Tax Return (ITR) utility for FY 2024–25 could disrupt House Rent Allowance (HRA) claims for lakhs of salaried taxpayers, warned Chartered Accountant Himank Singla. The ...

Only salaried employees can claim deduction of HRA under Section 10 (13A) of Income-Tax Act. House Rent Allowance (HRA) is an allowance paid by employers to their employees as a compensation for the ...

House Rent Allowance is a significant part of many workers" compensation packages. It provides financial relief for employees who pay rent. However, the tax treatment of this allowance is not ...

Pursuant to Section 10 (13A) of the Income Tax Act, 1961, if you are a salaried professional, you are entitled to house rent allowance that is exempted from tax. NEW DELHI: Yes, a rental agreement can ...

Notably, HRA cannot be more than 50% of your basic salary. Tax claims under HRA is available to those whose actual rent paid is less than 10% of their basic salary - 50% of basic salary is for those ...

Income-tax Act allows taxpayers to claim exemptions on investments made and expenditure incurred out of the total income. While exemptions on principal repayment of home loan can be claimed under ...