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Saturday, March 10, 2012

Direct tax Law 2011 (Solved)


House Rent Allowance Section 10(13A) and Rule 2A
HRA is exempt under section 10(13A) to the extent of the minimum of the following three amounts:
House situated in Delhi, Mumbai Chennai & Kolkata
House situated in any other city
Minimum of the following 3 limits
Minimum of the following 3 limits
                (i)            Allowance actually received; or
                (i)            Allowance actually received; or
                (ii)           Rent paid in excess of 10% of salary; or
                (ii)           Rent paid in excess of 10% of salary; or
                (iii)          50% of salary
                (iii)          40% of salary
Meaning of salary: Basic salary plus D.A. to the extent the terms of employment so provide plus commission if fixed percentage of turnover. Salary is to be taken on due basis.