sraj3114
1
PLZ CLARIFY THE BELOW:
MY GROSS SALARY @Rs.20600/- per month = Rs.247200/- DA for 12 months = Rs.94371/- Total = Rs.341571/- Actual HRA received from employer = Rs.49440/- HRA paid by me fro 12 month = Rs.72000/-
As per ur Income Tax Calculator FY-2010-11 my HRA exumption comes to Rs. 47280/- where as if clculated manually it comes Rs.37843. Plz clarify.
rgds rajneesh
Thanks Rajneesh for pointing that out.
There was a small mistake in the file, DA was not included in calculations. It has been corrected now. You may download latest income tax calculator now.
Income tax exemption for HRA will be least of following:
a) The actual amount of HRA received as a part of CTC
b) 40%(if living in non-metro area) or 50% (if living in metro area) of basic salary
c) Rent paid minus 10% of salary (Basic + Dearness Allowance)
