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      Income Tax

      Example:-X has received following amount during the previous year. Basic Salary 7,000 p.m.; Dearness Allowance (D.A) – 1,000 p.m.;House Rent Allowance (H.R.A.) 3,000 p.m. The Actual Rent Paid is 3,000 p.m. Calculate exemption of HRA u/s 10(13A)

      10 August, 2015

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      Chapter No. 09 - Salary - Computation of House Rent Allowance (HRA) - [Section 10(13A) AND RULE 2A]

       

      The minimum of the following amount shall be exempt

      ·         Actual HRA received (3,000*12) = 36,000/-

      ·         Rent Paid in excess of 10% of salary ( 36,000-9,600) = 26400

      ·         40% of Salary = 38,400/-

      Therefore, 26,400 shall be exempt and the balance 9,600 shall be included in gross salary.

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      ActsIncome Tax
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