Income Tax Calculator Hra
Some components of your salary can be tax exempt without the need of investing in any tax saving instruments.
Income tax calculator hra. Hra tax exemption as per rule 2017 finance budget. Hra calculator easy steps for hra calculation with examples for fy 2019 20 ay 2020 21. A house rent allowance calculator is an online financial tool that helps in computing the amount that an individual can enjoy as tax benefit each year on his her house rent allowance as per the income tax act 1961. Cleartax handles all cases of income from salary interest income capital gains house property business and profession.
50 of your salary is eligible for the hra exemption if you live in a metro city of india. Incometax calculator provides online free hra exemption calculator that will help you to calculate and save taxes for ay 2018 19 fy 2017 18. This online calculator aids in simplifying the otherwise cumbersome task of computing tax benefits. Know how to calculate house rent allowance for saving tax.
The actual amount of hra given by the employer. Cleartax maximize your deductions by handling all deductions under section 80 like section 80c 80d 80ccf 80g 80e 80u and the rest. The income tax department never asks for your pin numbers passwords or similar access information for credit cards banks or other financial accounts through e mail. File income tax returns online with cleartax.
Cleartax is fast safe and very easy to use. As per section 10 13a of the income tax act 1961 an individual can do hra exemption calculation when you reduce 10 of your total salary from the actual rent paid. The hra exemption of tax is covered under income tax act section 10 13a and provides for the hra deduction based on the amount lowest amongst these. If an individual gets house rent allowance and he she does not live in a rented apartment then the actual hra received by the individual will be completely taxable.
Know how to calculate house rent allowance hra on basic salary payslip get maximum tax benefits.