KNOW ALL ABOUT : HRA exemptions
Incomes that are exempted under the proposed new tax regime
70 deductions will be removed in the new regime. However, there are certain incomes that are exempt.
Deductions, exemptions not available in proposed new tax regime
All deductions under chapter VIA will not be claimable by those opting for the new tax regime, as per Budget 2020.
Budget 2019: Hopes of tax exemption limit hike
Here are some expectations of the common man that the government could consider in the upcoming budget.
Filing ITR? Here's how to claim HRA exemption
The return filing forms notified by the CBDT for the assessment year 2018-19 require you to provide a detailed break-up of your salary.
Claiming HRA tax exemption in different rental situations
Here are 3 scenarios young earners are likely to face while claiming tax exemption on HRA and how they can deal with these.
Six income tax slabs in, 70 exemptions out: Impact on taxpayers
Salaried taxpayers who opt for the new regime will have to forgo the standard deduction as well as exemptions under chapter VI-A, including HRA, investments under 80C, medical insurance premium, even LTA.
Can I claim HRA exemption for rent paid for two locations?
An individual can claim an exemption on house rent paid during the financial year. There are certain rules that must be followed to calculate the amount of exemption that can be claimed by you.
How to report tax-exempt incomes in ITR-1
This year in ITR-1, tax-exempt incomes have to be reported in the tab, 'Computation of income and tax'.
Tax queries: Dividend earned from MFs is exempt from tax
Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.
Tax queries: How much of my gratuity amount is tax-exempt?
The maximum limit amount of gratuity under the Payment of Gratuity Act, 1972 has been enhanced from Rs 10 lakh to Rs 20 lakh vide notification dated 29 March, 2018.
Tax queries: Gifts received from a relative are tax-exempt
"According to Section 56(2)(vii) of the Income-Tax Act, gifts received from relatives are not taxable. The specified list of relatives includes grandparents and grandchildren as well. "
Benefits of filing ITR even when income is below exemption limit
Even though filing of ITR is not mandatory for some individuals, there are certain benefits that one can avail of provided the ITR has been filed. Here are few of those.
How to fill tax exempt income and bank details section in ITR1
Under 'Taxes Paid & Verification' tab of ITR1, you are required to enter details of tax-exempt income, details of your bank account and fill the verification sub-section.
HRA Exemption Rules: How to save tax on House Rent Allowance
The benefit is available only to a salaried individual who receives HRA as a part of his salary and is staying in a rented accommodation.
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