Rent receipt and investment proof last date expired. still any luck?
Kumar (Working professional) (27 Points)
26 March 2017Kumar (Working professional) (27 Points)
26 March 2017
Kumar
(Working professional)
(27 Points)
Replied 26 March 2017
You have clearly not read my query because none of what you have mentioned is what I was keen to know.
Studentsca
(CA Practice )
(3577 Points)
Replied 26 March 2017
Kumar
(Working professional)
(27 Points)
Replied 26 March 2017
Originally posted by : Studentsca | ||
Here are the answers to your both the questions 1. Regarding HRA- While filing your tax returns provide all the HRA related documents to your CA and ask him to prepare your Income Tax Computation. While filing the return you can claim the benefit of HRA as you have followed the relevant rules. 2. For investment please make all your investments on or before 31st March 2017 to claim the benefits under Chapter VI-A. Not providing the documents to your employer will not deny you your rights to claim benefits under the Income Tax act for which you are eligible. |
Are you sure there is no change in the rules for financial year 2016-2017 w.r.t. this?
Moreover, since my annual rent is more than 1Lakh rupees, so I understand that I need to tell landlord's PAN number to the tax department. But I have never seen a field for landlord's PAN number in return forms of any financial year. And I assume that is so because you are expected to get HRA exemption via your employer, and not while filing the return
Studentsca
(CA Practice )
(3577 Points)
Replied 27 March 2017
Yes you need to have the PAN of your landlord where the annual rent paid exceeds Rs. 1,00,000/-. PAN of the landlord is given to the employer because it is a rule if annual rent paid exceeds Rs. 1,00,000/-. If you do not give the PAN details of your landlord to your employer he would deny you the benefit of claiming HRA exemption. It is basically a measure by the government to curb tax evasion by claiming bogus HRA.
In order to claim HRA exemption keep all the pertaining documents ready to be submitted if and when asked for by the Income Tax Department. The benefit of HRA will not be denied.
Kumar
(Working professional)
(27 Points)
Replied 27 March 2017
Originally posted by : Studentsca | ||
Yes you need to have the PAN of your landlord where the annual rent paid exceeds Rs. 1,00,000/-. PAN of the landlord is given to the employer because it is a rule if annual rent paid exceeds Rs. 1,00,000/-. If you do not give the PAN details of your landlord to your employer he would deny you the benefit of claiming HRA exemption. It is basically a measure by the government to curb tax evasion by claiming bogus HRA. In order to claim HRA exemption keep all the pertaining documents ready to be submitted if and when asked for by the Income Tax Department. The benefit of HRA will not be denied. |
the purpose of requiring PAN card of landlord is to ensure consistency between the house rent claimed by the tenant with the house rent earning shown by the landlord. But, by allowing tax payers to take the benefit of HRA while filing return, if one misses the chance to submit proofs to employer, the above mentioned purpose will not be fulfilled, because no where in ITR form is there a field to type landlord's PAN number. And that is why I quite doubt that it is allowed to claim HRA benefit while filing return, if, one has missed the employer's deadline.
Studentsca
(CA Practice )
(3577 Points)
Replied 27 March 2017
CA GOUTAM BAID
(Partner Manish Sukhani & Co)
(46 Points)
Replied 27 March 2017
Just inform the employer abou the benifit which are available. If he yet to deducted tax, he will consider the same and even if tax has already been deducted he will mention the same in form no 16.
You can also claim benifit for the same while filing of return of income irrespective of the fact that you have not informed employer about same. But it is advisable to communicate employer.