KNOW ALL ABOUT : HRA exemptions
Incomes that are exempted under the new tax regime
70 deductions have been removed in the new regime. However, there are certain incomes that are exempt.
Deductions, exemptions not available in proposed new tax regime
All deductions under chapter VIA will not be claimable by those opting for the new tax regime, as per Budget 2020.
Budget 2019: Hopes of tax exemption limit hike
Here are some expectations of the common man that the government could consider in the upcoming budget.
Filing ITR? Here's how to claim HRA exemption
The return filing forms notified by the CBDT for the assessment year 2018-19 require you to provide a detailed break-up of your salary.
Claiming HRA tax exemption in different rental situations
Here are 3 scenarios young earners are likely to face while claiming tax exemption on HRA and how they can deal with these.
What are the income tax exemptions and other monetary benefits available to women?
Up until FY 2011-12, women and men had different income tax slabs with women having to pay slightly less income tax. However, from FY 2012-13, this was done away with and tax slabs for men and women were made the same.
Tax queries: Exemptions, deductions you will not get in new income tax regime
Every week, an expert selected by ET answers queries from our readers on income tax and other levies.
How to claim tax exemption under section 54F?
Exemption u/s 54F can be availed within a year before or two years after the date of transfer of shares (assuming these are held for long term) or within three years after the date of construction of a residential house in India.
Six income tax slabs in, 70 exemptions out: Impact on taxpayers
Salaried taxpayers who opt for the new regime will have to forgo the standard deduction as well as exemptions under chapter VI-A, including HRA, investments under 80C, medical insurance premium, even LTA.
Can I claim HRA exemption for rent paid for two locations?
An individual can claim an exemption on house rent paid during the financial year. There are certain rules that must be followed to calculate the amount of exemption that can be claimed by you.
How to report tax-exempt incomes in ITR-1
An individual taxpayer is required to report all his incomes that are taxable as well as tax-exempt incomes in his/her income tax return. Here's how you can report tax-exempt incomes in your ITR.
Tax queries: Dividend earned from MFs is exempt from tax
Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies.
Tax queries: How much of my gratuity amount is tax-exempt?
The maximum limit amount of gratuity under the Payment of Gratuity Act, 1972 has been enhanced from Rs 10 lakh to Rs 20 lakh vide notification dated 29 March, 2018.
Tax queries: Gifts received from a relative are tax-exempt
"According to Section 56(2)(vii) of the Income-Tax Act, gifts received from relatives are not taxable. The specified list of relatives includes grandparents and grandchildren as well. "
Benefits of filing ITR even when income is below exemption limit
Even though filing of ITR is not mandatory for some individuals, there are certain benefits that one can avail of provided the ITR has been filed. Here are few of those.