Dear All,
As per section 10(13A) 40% or 50% of salary calculated while deducting from HRA given, depending on city (Mumbai, delhi, Calcutta and Madras).
Is there anything from Income tax which say we can give 50% for metro cities, and what is the defination of Metro city to clarify suburban areas of Mumbai viz. thana, navi mumbai included in it?
Thanks
Amit
Dear Borade,
It is specifically provided under rule 2A of Income Tax Rules, 1962 that for accomodations situated in Bombay, Calcutta, Delhi and Madras, 50% of the salary will be applied. Law has not used the word "metro".
| Originally posted by : CA S N Modi | ||
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Dear Borade, It is specifically provided under rule 2A of Income Tax Rules, 1962 that for accomodations situated in Bombay, Calcutta, Delhi and Madras, 50% of the salary will be applied. Law has not used the word "metro". |
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Thanks a lot Mr. Modi.
CAclubindia
