Calculation of H.R.A.
This query is : Resolved
19 March 2008
1.How to calculate H.R.A. in Income Tax.
please provide full details.
please provide full details.
19 March 2008
Least of the following will be exempte:
1) HRA Received(for the period for which rented accomodation was occupied by employee).
2) Rent paid-10% of salary (for the relevant period).
3)50% of salary incase of BCDM ,40% in other place.
Salary means:basic+DA(if it enters into retirement benefits)+% wise fixed commission on turnover.
1) HRA Received(for the period for which rented accomodation was occupied by employee).
2) Rent paid-10% of salary (for the relevant period).
3)50% of salary incase of BCDM ,40% in other place.
Salary means:basic+DA(if it enters into retirement benefits)+% wise fixed commission on turnover.
19 March 2008
1.ACTUAL HRA RECEIVED
2.RENT PAID IN EXCESS OF 10% OF SALARY
3.50% OF SALARY IN METRO CITIES OR 40% OF SALARY IN NON METROS.
LEAST OF THE ABOVE THREE IS EXEMPT HRA WHICH YOU CAN DEDUCT FROM YOUR TAXABLE SALARY.FIRST ADD HRA TO YOUR TAXABLE SALARY.THEN DEDUCT THE EXEMPT PORTION OF HRA AS CALCULATED ABOVE.
SALARY UNDER THIS CALCULATION IS BASIC SALARY PLUS DA AND FIXED COMMISSION IF ANY ON TURNOVER.
R.V.RAO
2.RENT PAID IN EXCESS OF 10% OF SALARY
3.50% OF SALARY IN METRO CITIES OR 40% OF SALARY IN NON METROS.
LEAST OF THE ABOVE THREE IS EXEMPT HRA WHICH YOU CAN DEDUCT FROM YOUR TAXABLE SALARY.FIRST ADD HRA TO YOUR TAXABLE SALARY.THEN DEDUCT THE EXEMPT PORTION OF HRA AS CALCULATED ABOVE.
SALARY UNDER THIS CALCULATION IS BASIC SALARY PLUS DA AND FIXED COMMISSION IF ANY ON TURNOVER.
R.V.RAO
20 March 2008
already answered before
20 March 2008
Least of the following will be exempted
1) 50% of 40% basic salary
2) Rent paid - 10% of basic Salary
3) Actual HRA received
It is advisable to format the salary structure as 50 or 40% as HRA of Basic salary to get maximum benefit. 50% is for metro and 40% for non-metro
1) 50% of 40% basic salary
2) Rent paid - 10% of basic Salary
3) Actual HRA received
It is advisable to format the salary structure as 50 or 40% as HRA of Basic salary to get maximum benefit. 50% is for metro and 40% for non-metro
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Supply through E-commerce Operators
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Relief u/s Section 89
- GST Rate applicable for 0% Food Items sold by an Industrial Caterer
- Is E Way Bill Valid If Transport ID Not Mentioned in PART A But Vehicle details mentioned in PART B
- Taxation on LTCG for property sold after 24JUL2024
- E way bill for tractors
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
