ITR -1 and ITR -4 forms have been notified by the Central Board of Direct Taxes (CBDT). However, the above forms have a few new disclosures to be made if applicable. Here is the list of such disclosures:- 1) Passport Number:- If you hold a passport, you are required to furnish the passport number if […]
Category Archives: Deduction
10
Aug
Aug
Finance Act,2017 inserted a new section 194 IB which mandates deduction of rent payable by certain class of Individual/HUF to a resident individual. This article throws some light on the said provision. Applicability:- This section is applicable to Individuals or HUF taxpayers paying rent in excess of Rs. 50,000 per month to a resident. For […]
05
Aug
Aug
Introduction HRA or House rent allowance is that component of salary which is paid for covering the employee’s rent expenses. The Income Tax Act,1961 exempts this portion of salary known as HRA. This article throws light on how HRA exemption is calculated and issues related to it. Calculation of House Rent Allowance Exemption The […]
23
Jul
Jul
Deductions are those expenses that are allowed to be deducted from the total taxable income of the assesse and thus reduce the tax amount. All the provisions and rules regarding deductions are covered by Chapter VIA of the Income Tax Act, 1961. These deductions are of different types some are allowed on investing the income […]
16
Jul
Jul
Generally, Employers give an allowance for house rent as part of the salary paid known as House Rent Allowance or HRA which can be claimed as deduction by the employees for the rent paid by them. However, sometimes the employer pays the entire salary as basic salary without any bifurcation or in cases where the […]
