HRA claims and tax scrutiny: CBDT assures no review of old HRA mistmatch cases; but here’s what experts suggest – Times of India

HRA claims mismatch: Taxpayers should remain cautious. If there’s a discrepancy between the rent paid and the rent received by the landlord, potential tax evasion issues may arise. Taxpayers making false HRA claims, whether intentionally or unintentionally, should be concerned about receiving a tax evasion notice from the income tax department. Source link

Read More

Relief for taxpayers on HRA claims! Income Tax Department clarifies no special drive to reopen mismatch cases – Times of India

HRA claims relief: The Central Board of Direct Taxes (CBDT) has clarified that there is no special drive to reopen cases related to House Rent Allowance (HRA) claims. The income tax department stated that there is no ongoing special drive to review mismatch cases. Concerns have emerged about potential retrospective taxation and reopening cases related…

Read More

Understanding HRA exemption rules & benefits: Saving tax on rent allowance – know eligibility, calculation, documents required & more | Business – Times of India

HRA tax exemption rules: House Rent Allowance (HRA) is a common component of many employees’ salary packages. Unlike basic salary, HRA isn’t entirely taxable, subject to specific conditions outlined in Section 10(13A) of the Income-tax Act, 1961.The exemption on HRA reduces the taxable portion of an employee’s income, thus offering a means to save on…

Read More