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, […]
Direct Tax : Not that typical
Direct Tax, also known as Income Tax Many times, I have seen students asking about the Direct Tax (DT) preparation [Direct tax, also known as Income tax], i.e., how to study, what to study, etc. and it seems that students sometimes, find this subject typical and tough. First of all, let me clear that Direct […]