HRA verification by Income tax department!! #houseproperty #hra#itrfilling#rent #incometax #10(13)A

1. House Rent Allowance (HRA) is a part of salary of an employee.
2. HRA tax benefits are available for employed tax payers under section 10(13A) and for self-employed tax payers, under section 80GG.
3. For salaried individuals - Actual rent received, Rent received minus 10% of basic pay, 40/50% of basic pay - the least of the following is exempt.
4. For self employed individuals - 25% of total income, rent paid minus 10% of total income , Rs.5,000 per month - the least of the following is exempt.
5. Possession of necessary documents is mandatory for claiming HRA exemption.
6. HRA can also be claimed while living in parent's home on entering into formal rental agreement, but the rent amount should be included in parent's total income.

*An ITR-U can be filed in case of non-submission of a previous return, incorrect income declaration, selection of incorrect income heads and reduction in carried-forward losses.
As per Section 140B, filing an updated return attracts an additional tax liability of 25% of the total tax, interest, surcharge, and cess if filed within 12 months, and 50% if filed after 12 months but within 24 months from the end of the relevant assessment year.

P.S. Last date to file an updated return i.e. ITR-U for FY 2021-22, FY 2022-23 & FY 2023-24 is 31st March 2025.
#itru #updatedreturn #hra #houseproperty #houserentallowance #salary #bankingchannel #26qc #tdsonrent #rentalincome

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