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How to Calculate House Rent Allowance under the Income Tax Act?

ALLOWANCES [SECTION 17(3)] The term ‘allowance' means "any amount or sum allowed regularly". Such allowances are generally given in cash along with salary by the employer. These are given to an employee to meet some specific type of expenditure of the employee or to help him to meet certain type of expenses which the employee might have incurred in the performance of duties assigned by his employer. For example, house rent allowance is given to help the employee to pay ..

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