Dear all,
Pls tell me how to calculate HRA exemption.............Under 80cc
Actual Rent -7500 p m
In Payroll HRA - 2000 p.m
Basic (salary) -6500 p m.
vijaya kumar n (JOB) (488 Points)
19 May 2010Dear all,
Pls tell me how to calculate HRA exemption.............Under 80cc
Actual Rent -7500 p m
In Payroll HRA - 2000 p.m
Basic (salary) -6500 p m.
CA Seema Kochar
(CHARTERED ACCOUNTANT)
(636 Points)
Replied 19 May 2010
HRA is exempted U/S 10(13A).
vijaya kumar n
(JOB)
(488 Points)
Replied 19 May 2010
Ok,,,
Tell me how to calculate the HRA Exemption.....
CA Seema Kochar
(CHARTERED ACCOUNTANT)
(636 Points)
Replied 19 May 2010
Least of the below 3 is exempt :
1. 40 % of Salary for the period during which rent accomdation is occupied (50% in case of living in Delhi ,Mumbai, Chennai & kolkata.
2. Actuly HRA Received.
3. Rent Paid over 10% of Salary.
Salary = Basic+ D.A forming part of salary +Commission based on fixed ercentage of turnover.
FATEMA
(CHARTERED ACCOUNTANT)
(719 Points)
Replied 19 May 2010
HRA exemption will be least of the following:
1.HRA received
Rs.2000*12 = Rs24,000
2. Rent paid in excess over 10% of salary
Rs .90,000-10%* (78000) = Rs.82,200
3.40% of salary
40%* Rs.78000 = Rs31,200
Hence exemption will be Rs.24,000
If the employee resides in a metro city then replace 40% by 50% and calculate the exemption accordingly.
Regards,
Fatema.
C.Balaji
(Learner)
(1867 Points)
Replied 19 May 2010
HRA Calculation....
1. 40 % of Salary (50% in case of metropoliton cities)
2. Actual HRA Received.
3. Rent Paid (-) 10% of Salary.
Salary = Basic+ D.A (forming)+Sales Commission.
Whichever is less is exempt from tax....
CA Punit
(CA)
(1775 Points)
Replied 19 May 2010
agree wit all.. but how sad.. income 8500 & rent paid 7500
only 1000 p.m. net income
vijaya kumar n
(JOB)
(488 Points)
Replied 19 May 2010
Pls see once again Mr. Punit.................i mentioned the BASIC ok not Gross salary or Net salary.............................................
U. S. KESHARI
(CHIEF ACCOUNTANT)
(21 Points)
Replied 21 May 2010
HRA Calculation....
1. 40 % of Salary (50% in case of metropoliton cities)
2. Actual HRA Received.
3. Rent Paid (-) 10% of Salary.
Salary = Basic+ D.A (forming)+Sales Commission.
Whichever is less is exempt from tax....
YOUR TOTAL SALARY = BASIC 8000 + HRA 3000+ CONV ALLOW 2000 = 13000/-
1. 40% of Salary(Basic +DA) (8000*12) = 96000/- (not live in metrocity, kol,mum, chen, del)
2. actual HRA received = 3000*12 = 36000
3. actual HRA PAID = 2500*12 = 30000/- Less 10% OF BASIC Salary (8000*12)= 9600
= (30000 -9600 ) = 20,400/-
so HRA EXAMPTION IS 20,400/- because this one is less form three
less is exempt for HRA
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
