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You can get an income tax notice and your house rent allowance (HRA) claim may be rejected. This is because, for every HRA claim, there must be a corresponding income offered for tax by the landlord. However, if a landlord who is taking rent in cash does not offer this for income tax, you could land into trouble with the tax department. ....
Financial Literacy News: HRA claims mismatch: Taxpayers should remain cautious. If there's a discrepancy between the rent paid and the rent received by the landlord, potential ....
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. ....
Bull run fails to impress MF investors, equity inflows remain flat thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
The Interim Budget maintains existing rates for direct and indirect taxes. Outstanding direct tax demands up to ₹25,000 for the period until FY 2009-10 and up to ₹10,000 for financial years 2010-11 to 2014-15 are eliminated. The average processing time for tax returns has dropped to 10 days. ....