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Income Tax Exemptions for Salaried Employees
  • • HRA Exemption for Salaried Employees.
  • • Income Tax Exemption on Leave Travel Allowance.
  • • Exemption on Encashment of Leaves for Salaried Employees.
  • • Tax Exemption from Pension Income for Salaried Employees.
  • • Income Tax Exemption on Gratuity for Salaried Employees.
  • • Income Tax Exemption on VRS Received.
  • Family pension paid as regular monthly income (uncommuted pension) by the employer to a family member of an employee in the event of his/her death. Family pension is taxable after allowing a exemption of 33.33% or Rs. 15000, whichever is less.
    Pension is taxable under the head salaries in your Income Tax Return. Usually, a pension is paid out periodically, on a monthly basis. ... At the time of retirement, you may choose to receive a certain percentage of your pension in advance. Such pension received in advance is called commuted pension.
    Filing of return is mandatory if the total income of pensioner including the pension amount exceeds the maximum amount not chargeable to tax. ... In such case, though pensioner is not liable to furnish his return of income, it is necessary for him to furnish ITR so as to claim the refund of the amount deducted as TDS.
    The Section 192-1 states that TDS (Tax Deducted At Source) is to be levied on all the monetary amounts that are paid by the employer, under the income head “Salary” (including Pension). Hence all the annuity pensions and the pensions arrears paid to the retired employees are taxed while their payment is made.
    Pension is taxable under the head salaries in your Income Tax Return. Usually, a pension is paid out periodically, on a monthly basis. ... At the time of retirement, you may choose to receive a certain percentage of your pension in advance. Such pension received in advance is called commuted pension.
    Please note that property income can be treated as a business income, depending on your main business. ... Though Mr. X disagrees but the fact of the matter is if you are in the business of letting out a property then the rental income even from the residential property will be considered as a business income.
    Rent received with respect to a residential house, as well as commercial property, is taxable under this head. Even the rent received for letting out your factory building or rent received on land appurtenant to the building, is taxable under this head. The property is taxable on the basis of its annual value.
    Points To Be Considered While Computing Income From House Property. Tax on the house is calculated on the property's NAV. If the taxpayer's house is vacant for a certain period of time and later let out, the computation of Income from House Property should be done only for the rent received - not for the entire year.
    A vacant house property is considered as self-occupied for the purpose of Income Tax. Prior to FY 2019-20, if more than one self-occupied house property is owned by the taxpayer, only one is considered and treated as a self-occupied property and the remaining are assumed to be let out.
    You need to declare your rental income to the HMRC before the deadline following the end of the tax year
    A Self Occupied House Property is the one which you use as your own residence. This property may also be used by your children, spouse and / or parents. ... For the purpose of Income Tax, if a House Property is given on rent for the whole year or a part of the year, than it is considered as Let Out House Property
    Under section 44AB, a compulsory tax audit is required to be completed by a Chartered Accountant if a business has total sales turnover or over Rs.1 crore. In case of a profession, if the profession has total gross receipts of more than Rs.50 lakhs, then tax audit by a Chartered Accountant is mandator.
    Yes, you can claim income tax exemptions on both, HRA on a rented house you are currently living in as well as servicing a home loan on another property as long as you have deeds, possession and other necessary documents. On repayment of a home loan you can claim tax benefits on principal and interest payments.