Understanding how to properly claim House Rent Allowance (HRA) exemption can significantly reduce your taxable income. Many salaried employees, however, unknowingly miscalculate their HRA, missing out on these valuable tax benefits. Are You Eligible for HRA Exemption? If you’re a salaried employee receiving HRA and residing in rented accommodation, you’re likely eligible for a tax … Read more
A significant “glitch” in the Income Tax Return (ITR) utility for Financial Year (FY) 2024–25 is causing concern among salaried taxpayers regarding their House Rent Allowance (HRA) claims. Chartered Accountant Himank Singla has warned that the ITR portal incorrectly prompts users to enter their “Place of Work” instead of their “Place of Residence” for HRA … Read more
Maximize Your Tax Savings: Claiming Both HRA and Home Loan Benefits is Possible! Many salaried individuals in India often wonder if they can claim both House Rent Allowance (HRA) exemption and home loan tax benefits simultaneously. The good news is, you absolutely can! It’s perfectly legal and can lead to substantial tax savings, often ₹1 … Read more
Don’t Get Caught Out: India’s New Tax Rules Demand Detail for Deductions This Year Heads up, taxpayers! If you’re planning to claim deductions under the old tax regime for the current financial year (FY 2024-25, Assessment Year 2025-26), particularly House Rent Allowance (HRA), the government is cracking down on inflated or false claims. This year, … Read more
To claim your House Rent Allowance (HRA) exemption under the Old Tax Regime for the financial year 2024-25 (Assessment Year 2025-26), salaried taxpayers will need to provide specific details on the Income Tax e-filing portal. Please note that this exemption is not available if you opt for the New Tax Regime. What the e-filing portal … Read more