HRA and Rent Benefit under Section 80 GG

In the last post, we studied about the tax implications of HRA under Section 10. But this section is applicable only if the individual qualifies for HRA as per the company policies. But what if your employer does not give you HRA or you are self employed? In that case, Section 10 is not applicable for you. You can still save taxes using Section 80GG of the IT Act.

House Rent Allowance (HRA) Entitlement under Section 10

In the absence of sufficient knowledge of key tax exemption opportunities like House rent allowance (HRA), we may end up losing out on valuable saving and investing opportunities. So, let us learn about HRA and how it helps us get tax exemption.

Which Income Tax Return(ITR) form should I file for AY 2015-16 (FY 2014-15)?

Income Tax department has unveiled the income tax return forms for the Assessment Year 2015-16 (Financial Year 2014-15). The main intention has been to simplify the ITR forms and make them user friendly. Many of the salaried class have been used to file SARAL (Form 1). However, this year, better be careful.
Those who avail HRA, have availed LTA or had any other "exempted income" more than Rs. 5,000 in the entire year, you better find out what form you are required to file...read on...