The Punjab and Haryana High Court has held that the assessee is not expected to keep the e-portal of the department open all the time so as to have knowledge of what the department is supposed to be.
Financial Literacy News: 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.
Financial Literacy News: As the financial year 2024-25 has begun on April 1, it is important to be aware of income tax rules. Even if changes are announced in the Union Budget or during the year, they usually take effect from the start of the new financial year. This year, there were no changes announced for FY 2024-25 in the interim budget, so the income tax rules from the previous year remain unchanged.
Arnav Pandya explains income tax rules for gifts, highlighting exemptions for gifts from relatives like spouses, parents, and in-laws. Various types of gifts are taxable based on valuation and specific conditions, impacting both givers and receivers. Pandya says: "Any amount received from a relative, even if it is above 50,000 would not be taxed in the hands of the receiver ."
Financial Literacy News: Many employees have the provision for House Rent Allowance (HRA) as a part of their salary structure. To lower their tax burden, many claim HRA exemption if they live in rented accommodation. Recently, the Income Tax Department discovered HRA fraud involving illegal use of Permanent Account Numbers (PAN). They found thousands of high-value cases, some exceeding Rs 10 lakh.