DelhiDesk The Finance Minister has increased the standard deduction and exemption in the Union Budget for salaried taxpayers filing Income Tax Return for the financial year 2023-2024. Even after increasing the tax limit, if your income is coming in the tax category, then you can save tax by making multiple claims under the old tax system. House Rent Allowance (HRA) is a type of allowance given by an employer to its employee in lieu of payment of house rent expenses. HRA exemption is given to salaried people under section 10(13A) of the Income Tax Act. To get the benefit of HRA exemption, one has to choose the old tax regime. The calculation of tax exemption on HRA is based on 50% of basic pay plus DA for those living in metro and non-metro cities, and actual rent paid less than 10% of basic pay plus DA.
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Here is the news bullets sorted by DelhiBreakings.com team.
👉 Finance Minister increased standard deduction and exemption in Union Budget for salaried taxpayers filing ITR for FY 2023-2024
👉 Tax exemption limit also increased under new tax regime
👉 Tax can be saved by making multiple claims under old tax system
👉 House Rent Allowance (HRA) is given by employer in lieu of payment of house rent expenses
👉 HRA exemption given to salaried people under section 10(13A) of Income Tax Act
👉 HRA exemption not given under new tax regime
👉 To get benefit of HRA exemption, old tax regime must be chosen
👉 If person receiving HRA lives in own house, no benefit of HRA exemption
👉 HRA tax exemption calculated as 50% of basic pay plus DA for those living in metro/non-metro cities and actual rent paid less than 10% of basic pay plus DA.
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