DEDUCTIONS U/S 10

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manju (Querist)
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28 January 2010 Hello Friends

Pls any one can me explain the recent HRA Provision... whether it can be deductible from salary or not?

CA Prashant Gupta

CA Prashant Gupta (Expert)
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28 January 2010 1 An amount equal to 50% of salry if house is at Mumbai, Kolkatta, Delhi or Chennai or 40% of salary in other place.
2 HRA received during which rented house was taken.
3 Excess of rent paid over 10% of salary

CA Prashant Gupta

CA Prashant Gupta (Expert)
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28 January 2010 sorry, forget to tell that least of above three will be exempt and deductible from salary

Professional Careers Academy

Professional Careers Academy (Expert)
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28 January 2010 u/s 10(13A) of the Income Tax Act, 1961 read with rule 2A, least of the following three will be exempted:
1. HRA actually received
2. Rent paid exceeding 10 % of salary
3. Upto 50 % of salary in case of Metro cities and Upto 40 % of Salary in case of other cities

Here, Salary means Basic Salary, DA (if given under the terms of employment i.e. it enters for retirement benefits), Commision based on fixed percentage of turnover.

regards,

CA Jatin Bansal

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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28 January 2010 Agreed with Jatin

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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28 January 2010 Agree

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