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How to Hide Arrow in the Rent Receipt

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hello everyone welcome to career talk once again this video is extremely important from income tax perspective because the income tax department has come up with something called as ais which is annual information statement okay this is like a extended version of form 26as so in ais you will have all of the information of financial transactions which you have done in the previous year okay it is just not limited to few things it is going to include everything okay and it is something which is getting evolved over a period of time okay so you need to understand like you know things like bogus hra which people used to claim earlier will now not be possible okay but before i tell you how i would request you to subscribe to the channel if you are new and also press the bell icon for all notifications so lets assume you have rented a property and you are paying a rent of more than 8 000 rupees so you can claim hra okay which is house rent allowance which will become tax exempted right so a

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What are the rules around HRA?

Claim Rules for HRA Your allotted HRA cannot exceed more than 50% of your basic salary. As a salaried employee, you cannot claim for the full rental amount you are paying. Your exemption will be based on the least of the below mentioned options: The actual amount allotted by the employer as the HRA.

What is the proper way to write out a rent receipt?

Include the date and rental period of the payment, the property address, the tenants full name, and the person receiving the payment. Include the payment amount, the method of payment, the remaining lease balance (if applicable), and any other information that may be important, like late fees.

What is receipt of house rent under section 1 13 a?

Under Section 1(13A) of the Income Tax Act, landlords are required to deduct TDS on rent paid over Rs. 1,00,000 per annum and provide a rent receipt to the tenant. Therefore, tenants must collect the rent receipt from the landlord and submit it to the employer to avoid any TDS deduction at a higher rate.

Where do I put my HRA exemption?

The taxable part of HRA will be mentioned in the part-B of your Form-16 under the head Gross Salary ing to the provisions in Section 17(1). You can simply copy this information and paste in the Salary as per section 17 section of your ITR-1 form.

How do I claim deductions on U S 80GG?

To claim deduction under Section 80GG, the taxpayer must file a declaration in Form 10BA. Form 10BA can be filed online by logging on to the Income Tax E-Filing website. In Form 10BA, the taxpayer must declare the amount of rent paid and the name of the landlord.

Can I claim HRA exemption for rent paid for two locations?

Yes, you can claim HRA for 2 rented houses if you satisfy the necessary requirements. 2. How much HRA Can I claim without receipts? Generally, it is mandatory to submit receipts for rent paid above Rs.

How do I fill out an HRA exemption?

Once you know the HRA claim amount, use the right ITR form and file for your ITR by following these steps: Enter your salary in Salary as per provisions contained in section 17(1) in Form 16 - Part B. Enter the HRA calculated above under Allowances exempt u/s 10 in the ITR 1 (select 10(13A) in the drop-down menu)

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Hide Arrow in the Rent Receipt