Pls reply to following queries: I changed my job in th FY 2010-2011 1. My present salary is consolidated, there is no beak up for HRA etc. Can i clam HRA exemption for this? 2. My previous employer did not consider HRA exemption in salary for TDS purpose. can i claim HRA exemption now. 3. My present employer did not do TDS.what should be done? 4. TDS (from previous employer) till 15.03.2011 was 7386, on 16.03.2011 was 1209, and on 28.06.2011 was 6280. Is the TDS done after 31st march can be considered for calculating penalty (or no penalty) u/s 234B, 234C?IF the assesses tax is less than 10000, there is no interest to be paid, comment. 5. Is EPF WITHDRAL subject to any kind of tax, if so then how to calculate
1 Answers
- if your employer does not have HRA component in salary, but you pay house rent, you can claim house rent deduction u/s 80GG. You/your spouse should not be owning a house in same city. You should also not be owning a property in some other city, which is shown self-occupied (no notional rent is added to income). Amount exemption is allowed to minimum of below figures:
a. Rent amount paid - 10% of your total income
b. Rs. 2,000 per month
c. 25% of total income
- If your previous employer had HRA in your salary component and you did not show rent receipts to them, exemption for it cannot be taken now while filing income tax return.
- If your employer did not deduct TDS, you should compute yourself and pay tax.
- If total income tax payable after 31st march is less than 10000, no interest is payable under section 234B and 234C.
- For EPF tax-ability, read this answer: http://www.socialfinance.in/questions/1002/how-to-calculate-tax-on-epf-withdrawal
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