Dear All,
I am working in Pune based company. My salary is INR 35,000 per month. As per my salary structure I am getting 2800 as HRA but I am paying INR 9,000 as a rent. So I am not getting full benefit of HRA in income tax. Can any body tell me how much HRA benefit I can get in income tax if I am getting INR 35000 per month.
From India, Pune
I am working in Pune based company. My salary is INR 35,000 per month. As per my salary structure I am getting 2800 as HRA but I am paying INR 9,000 as a rent. So I am not getting full benefit of HRA in income tax. Can any body tell me how much HRA benefit I can get in income tax if I am getting INR 35000 per month.
From India, Pune
604
Dear Ajay
If you have the freedom to design your own salary structure, then keep the basic salary at the highest possible level. eg: at a salary of 35000/- if we keep the basic salary at 20,000/- INR. Now the maximum benefit under HRA can be given to you is 40% of basic (As you are residing in tier II city). This will give you tax benefit of Rs. 8000/- pm on production of rent receipt.
Rgds
Amit
From India, Delhi
If you have the freedom to design your own salary structure, then keep the basic salary at the highest possible level. eg: at a salary of 35000/- if we keep the basic salary at 20,000/- INR. Now the maximum benefit under HRA can be given to you is 40% of basic (As you are residing in tier II city). This will give you tax benefit of Rs. 8000/- pm on production of rent receipt.
Rgds
Amit
From India, Delhi
Income tax exemption calculation formulain 6 steps for HRA is given below :
1 hra received from company 2800 pm X 12 = 33600.00
2 actual rent paid 9000 pm x 12 = 108000.00
3 10% of basic+da+perspay your mnthly amt X 12 = ????
4 diff (2-3) ????
5 40/50% of basic+da+perspay calculate 40% in your case
6 exempted (lowest 1,4,5) = ????
You can use above formula to get your har exemption.
__________________
Regards
PayrollSolutions
From India, Delhi
1 hra received from company 2800 pm X 12 = 33600.00
2 actual rent paid 9000 pm x 12 = 108000.00
3 10% of basic+da+perspay your mnthly amt X 12 = ????
4 diff (2-3) ????
5 40/50% of basic+da+perspay calculate 40% in your case
6 exempted (lowest 1,4,5) = ????
You can use above formula to get your har exemption.
__________________
Regards
PayrollSolutions
From India, Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
HRA-Unit 2.ppt
Maximize Your Marketability.d oc
Reclassificatio n of towns for HRA for central govt employees 21.7.2015.pdf