Rent slip

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abhay

abhay (Querist)
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29 July 2010 Dear all,

If an employee paying rent upto 3000 p.m. than is he required to produce the recipts or not?

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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29 July 2010 yES, FOR THERE IS NO LIMIT FOR RENT FOR WHICH YOU HAVE TO PROVIDE RENT RECEIPTS.
HENCE RENT RECEIPTS ARE TO PROVIDED FOR ANY AMOUNT.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 July 2010 Though incurring actual expenditure on payment of rent is a pre-requisite for claiming deduction under section 10(13A), it has been decided as an administrative measure that salaried employees drawing house rent allowance up to Rs. 3,000 per month will be exempted from production of rent receipt. It may, however, be noted that this concession is only for the purpose of tax-deduction at source, and, in the regular assessment of the employee, the Assessing Officer will be free to make such enquiry as he deems fit for the purpose of satisfying himself that the employee has incurred actual expenditure on payment of rent.
Ref : - CBDT Circular No.01/2010 dated January 11,2010

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CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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29 July 2010 THANKS FOR UPDATE

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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29 July 2010 Agree with Mr. Warrier.

No need to provide rent receipts for rent upto Rs. 3000/- per month.

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