Income tax
This query is : Open
Raj Kumar G S
(Querist)
17 July 2012
Dear Sir,
My Salary Package is Rs. 300000/-
I am residing in Rent House
At what percentage my Rent allowance should i deduct on which basis, now I am paying 9000/- rent per month
please send the structure with all allowances deduction to avoid TDS & Income Tax
My Salary Package is Rs. 300000/-
I am residing in Rent House
At what percentage my Rent allowance should i deduct on which basis, now I am paying 9000/- rent per month
please send the structure with all allowances deduction to avoid TDS & Income Tax
18 July 2012
HRA is exempt to the extent of LOWER of following:
(i) Actual HRA
(ii) Rent paid - 10% of salary
(iii) 40% or 50% of salary
50% for metros
40% for other than metros
(i) Actual HRA
(ii) Rent paid - 10% of salary
(iii) 40% or 50% of salary
50% for metros
40% for other than metros
CA.Sourabh Sethia
(Expert)
18 July 2012
you can plan for other Exemption too
as
Transport Allowance (Exempt upto Rs.800/-)
Children education allowance (upto Rs.100 per child max upto 2 children)
Hostel Allowance (Rs.300/- p.m. max 2 children)
after that you can plan for HRA
as
Transport Allowance (Exempt upto Rs.800/-)
Children education allowance (upto Rs.100 per child max upto 2 children)
Hostel Allowance (Rs.300/- p.m. max 2 children)
after that you can plan for HRA
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