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HRA tax exemption: HRA fraud with illegal usage of PANs detected by tax dept; how to avail House Rent Allowance, proofs

HRA tax fraud: The investigation began when authorities stumbled upon purported rent receipts totaling approximately Rs 1 crore under an individual s PAN. However, upon questioning, the individual disavowed any knowledge of these transactions. Subsequent inquiry revealed that the individual had not actually received the rent attributed to them. ....

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LTA exemption: What is Leave Travel Allowance and can you claim it at the time of filing your income tax return? | Business

Financial Literacy News: Salaried individuals typically need to give proof of their expenses and investments to get tax deductions under the Income-tax Act. One common tax exemption available to salaried individuals is the Leave Travel Allowance or LTA. Leave Travel Allowance (LTA), often included in your salary, pays for your vacation travel expenses. It also covers travel costs for family members such as spouses, children (up to two if born on or after October 1, 1998), dependent parents, and dependent siblings. ....

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Tax department detects HRA fraud with illegal usage of PANs

India Business News: Income tax department uncovered a PAN fraud scheme where individuals misused PANs for house rent allowance claims, leading to the detection of numerou ....

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LTA exemption: Submit tax-saving proofs to employer by March 31 deadline as claiming LTA in ITR is a hassle

LTA, usually a component of your salary, covers the expenses of your travel during vacation. The cost incurred for family members who travel with an employees is also allowed as exemption. To claim LTA, the employee typically needs to submit documentary evidence of the incurred travel expenditure to the employers within specific deadlines. ....

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Advance tax notice glitch: Taxpayers in wait-and-watch mode

Experts advise to pay tax on self calculation basis, log dispute on portal ....

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