For the financial year 2021, the government of India has decided to extend the deadline for filing Income Tax Return. This gives us more time to understand the nitty gritties and familiarize ourselves with various components covered while filing ITR. One of the most commonly talked about components is HRA. A house rental allowance is a part of the salary received towards rent payment made by an employee for accommodation. The HRA is taxable and there are certain exemptions attached to it. But first the question arises: HRA comes under which section? Can you tell me house rent comes under which section?Yes, HRA or house rent allowance exemption comes under Section 10(13A) of the Income Tax Act. Deducting HRA exemption from total income helps us to arrive at the gross taxable income.Who can avail HRA tax exemption?If you are a salaried employee living in a rented accommodation who has HRA component as a part of their salary and follow the old tax regime then you can avail exemption on HRA while filing ITR.Read more:What is HRA in salary?Can HRA be claimed for own house?Can I pay rent to my parents and claim HRA?How much HRA can be claimed without proof?How to calculate HRA in income tax?I hope now you know HRA comes under which section.
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HRA comes under which section?
Manjul
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September 23, 2021
2021-09-23T10:07:34+00:00 2021-09-23T10:10:16+00:00Comment
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Taxes
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