Hello All,
My employer is considering HRA exemption for tax calculation for only the HRA receipts that i've submitted, i.e., HRA exemption is not being projected for the rest of the year. So, I was wondering if it is NOT statutory to calculate HRA exemption for the entire year or is this exemption calculation govenrned by HR policies of the organization.
Thanks in advance for any advice that you can offer.
Regards
Rajesh.
From India, Bangalore
My employer is considering HRA exemption for tax calculation for only the HRA receipts that i've submitted, i.e., HRA exemption is not being projected for the rest of the year. So, I was wondering if it is NOT statutory to calculate HRA exemption for the entire year or is this exemption calculation govenrned by HR policies of the organization.
Thanks in advance for any advice that you can offer.
Regards
Rajesh.
From India, Bangalore
Dear Rajesh
In all good company, including 6 or 7 I have worked in last twenty three years, the receipt is normally asked for the first month and last month of the year/period for which tax is calculated. i.e. April and march of next year for a period April- March.
Just provide receipt for these two months which are indicative of rent paid for the period.
For your kind information, good companies Accounts department, at times not very fussy about even if you do not give receipt, they manage with your declaration only.
With the changing time Accounts departments have become more supportive and more finicky also depending on your luck what type of Accounts people you come across.
Regards
Sanjeev
From India, Delhi
In all good company, including 6 or 7 I have worked in last twenty three years, the receipt is normally asked for the first month and last month of the year/period for which tax is calculated. i.e. April and march of next year for a period April- March.
Just provide receipt for these two months which are indicative of rent paid for the period.
For your kind information, good companies Accounts department, at times not very fussy about even if you do not give receipt, they manage with your declaration only.
With the changing time Accounts departments have become more supportive and more finicky also depending on your luck what type of Accounts people you come across.
Regards
Sanjeev
From India, Delhi
Dear Sanjeev,
Many Thanks for taking the time to reply.
From your reply, I infer that there is no legislation pertaining to the HRA exemption projection and it is upto the employer to decide whether HRA exemption should be projected or not. Is that correct?
Thank you.
Regards
Rajesh.
From India, Bangalore
Many Thanks for taking the time to reply.
From your reply, I infer that there is no legislation pertaining to the HRA exemption projection and it is upto the employer to decide whether HRA exemption should be projected or not. Is that correct?
Thank you.
Regards
Rajesh.
From India, Bangalore
Find answers from people who have previously dealt with business and work issues similar to yours - Please Register and Log In to CiteHR and post your query.
Note on HRA & LTA Exemption.doc
About HRA Exemption.pdf