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It is important that you understand HRA deduction rules.
You can claim HRA exemption if your rented house is situated in the same city where you work but your own house is outside that city.Thus, these transactions can invite the scrutiny from the Income -tax Department.Salaried individuals who live in a rented house can claim House Rent Allowance free online pizza hut coupon codes or HRA to lower taxes.The tax deduction is calculated on an annual basis.Also, her mother didn't disclose such income in her tax return.This is evident from compliance requirements such as furnishing of the landlord's PAN if the rent is more than Rs 1 lakh per annum and debenhams promo code ireland 2015 withholding tax if the rent is beyond a certain limit.The tax has to be deposited within 30 days of the end of the month in which it is deducted.Hence, it can't be treated as HRA says Maheshwari.It is mandatory for alien gear holsters coupon code 2015 the employee to report the Pan Card of the 'landlord' to the employer if the rent paid is more than Rs 1,00,000 annually, or if it exceeds Rs 15,000 per month.
The facts and opinions appearing in the article do not reflect the views of ndtv and ndtv does not assume any responsibility or liability for the same)."This has been introduced to check evasion in cases where salaried individuals claim HRA exemption against bogus rent receipts.8/2013) Related Documents Rent Receipt Declaration by House Owner/Landlord if he doesnt have PAN How to Claim HRA in ITR Filing ITR 1 You will have to directly input taxable salary after all deductions in Income from Salary/Pension.Salary is taken only for the period for which House Rent Allowance is received.E-Filing takes only a few minutes.Tenants paying rent to NRI landlords must remember to deduct TDS of 30 before making payment towards rent.It depends on the employer, who can ask for quarterly as well as monthly receipts, as it is its responsibility to check the documents on the basis of which it is deducting tax.But the nature of the relationship is such that this attracts higher scrutiny from the tax department.Mumbai, Delhi, Chennai or Kolkata).Additionally, in cases where the tax is required to be deducted at a higher rate in the absence of the payee's PAN, such deduction cannot exceed the rent payable for the last month of the tax year or the last month of the tenancy,.
Hence, taxpayers need to be more careful says Amit Maheshwari, Partner, Ashok Maheshwary Associates LLP.
For most employees, House Rent Allowance (HRA) is a common component of their salary structure.