Hra exemption
This query is : Resolved
22 June 2013
Assessee lives in a rented premises for only 6 months during the FY
HRA received - 12900 for 10 months (due to leave taken without pay during the year)
rent paid - 6000 for 6 months
basic salary - 25000 for 10 months....
HRA exemption: lowest of
1. 40% of (25000*10)
2. 12900*10
3. (6000*6)-(10% of (25000*10))
or
1. 40% of (25000*10)
2. 12900*10
3. (6000*6)-(10% of (25000*6))
In first case exemption comes to Rs. 11000 and in second case it comes to Rs. 21000.
HRA received - 12900 for 10 months (due to leave taken without pay during the year)
rent paid - 6000 for 6 months
basic salary - 25000 for 10 months....
HRA exemption: lowest of
1. 40% of (25000*10)
2. 12900*10
3. (6000*6)-(10% of (25000*10))
or
1. 40% of (25000*10)
2. 12900*10
3. (6000*6)-(10% of (25000*6))
In first case exemption comes to Rs. 11000 and in second case it comes to Rs. 21000.
22 June 2013
pls take salary and HRA equally period then calculate exemption
22 June 2013
Correct calculation is :
HRA exemption lowest of :
1. 40% of (25000*10)
2. 12900*6
3. (6000*6)-(10% of (25000*10))
HRA exemption lowest of :
1. 40% of (25000*10)
2. 12900*6
3. (6000*6)-(10% of (25000*10))
22 June 2013
hello
sorry to say but both these replies are contradictory with each other.....
can anyone clarify please
sorry to say but both these replies are contradictory with each other.....
can anyone clarify please
22 June 2013
Since the employee stayed rented house for 6 months only. so actual HRA calculation need to be done on 6 months only. all other months what ever HRA received is fully taxable. so no need to calculate for 10 months basic salary
HRA exemption least of the following
A.(Rs.25000x6)x 40%
B.Rs.12900x 6
B (Rs.6000-10% of Rs.25000)x6 months
HRA exemption least of the following
A.(Rs.25000x6)x 40%
B.Rs.12900x 6
B (Rs.6000-10% of Rs.25000)x6 months
27 June 2013
any other possible views ??
in computax software there is space only for total HRA and Total rent paid during the year
in computax software there is space only for total HRA and Total rent paid during the year
08 July 2013
in computax, if you double click or press F-5 you can feed the amounts monthly
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
