WebFeb 8, 2024 · 1. Taxable Perquisites. Some of the perquisites that are taxable in nature include rent-free accommodation, supply of gas, water and electricity, professional tax of employee, reimbursement of medical expense, and salary of servant employed by employee. Taxable perquisites also include any other fringe benefit provided by the employer to ... WebJul 2, 2024 · Under the Income Tax Act Section 10-13A, HRA exemptions are allowed: 1) The actual amount of HRA received by the employee 2) 40 per cent of the basic salary if residing in non-metro cities 3) 50 ...
Deduction under section 80C of Income Tax Act - TaxGuru
WebAug 23, 2024 · 1. Basic Salary. The basic salary is mentioned first in the salary slip. On the basis of this, other types of allowance including HRA are determined. PF is also decided on the basis of this. 2. House Rent Allowance (HRA) HRA means living expenses of the employees. It can be up to 50 percent of the basic salary. WebFeb 15, 2024 · Actual HRA offered by the employer = Rs. 15,000; or. 50% of the basic salary = 50% of Rs. 23,000 = Rs. 11,500. The least of the above three is the actual amount paid as rent minus 10% of the basic salary. Hence, Mr. A will get an HRA exemption of Rs 9,700 on his total taxable income. NOTE: You can use Income Tax Department’s HRA calculator to ... gitchell heating tillamook or
Tax - Hra House Rent Allowance Coverfox
WebFeb 8, 2024 · Income Tax on Arrear Salary - Relief under Section 89 (1) Tax is calculated on the total income earned or received during the year. If your total income includes any past dues paid in the current financial year, you may be worried about paying a higher tax on such arrears. Hence, in order to save you from the burden of tax due to delay in ... WebRs. 1650. Income Tax. Rs. 2000. The gross salary can be calculated as below: Gross salary = Basic Salary + HRA + Other Allowances. Gross salary = Rs. 20,000 + Rs. 9,287 + Rs. 1200 + Rs. 1650. Gross salary = Rs. 32,137. Provident Fund is not taken into account while deriving the gross salary. funny photos of giraffes