Special Cases Where ITR Filing is Mandatory : CASE NO. 1: A person deposits a total amount exceeding 1 crore rupees in one or more current account maintained with any bank during relevant previous year CASE NO. 2: A person incurs total expenses exceeding 2 lakh rupees for travel to a foreign country, either for […]
HRA exemption
Sec.10(13A) of the Income Tax Act, 1961 allows exemption from HRA (House Rent Allowance) received from the employer. The amount of HRA exemption should be least of the following- Actual HRA received; OR Actual rent paid minus 10% of the salary; OR 50% / 40% of the salary. [50%, if house is situated in Mumbai, […]