JavaTechies / Personal Finance

It's raining, sunny and colder climate here. I am @Munich. Let's discuss new very interesting points that you would come to see while filing IT Return for this year 2014 and onward.. yes, in previous years, you didn't declared few allowance separately while filing IT Return and that lovely thing and didn't bother you much ....but this is not case now ..if you filing IT return byown. In this year onward, it's mandatory to declare/show following separate allowance from your section-10 under the form 16. Travel concession/assistance received u/s 10(5) Tax paid by employer on non monetary perquisite u/s 10(10CC) Allowance to meet expenditure incurred on house rent u/s 10(13A) Other exempt allowances u/s 10 - See more at: http://www.taxspanner.com/taxspan/new-rules-of-tax-filing-for-2014/?utm_source=complete_guide&utm_medium=html_email&utm_term=CAMP2466600522013&utm_content=2014-06-24&utm_campaign=ay2013-14_paid#sthash.SIfgDcdV.dpuf  Lea...

 For the purposes of calculating the house rent allowance that would be exempt under rule 2A, the term ‘salary’ includes ‘dearness pay’ also— Circular : No. 90 [F. No. 275/79/72-ITJ], dated 26-6-1972. It is necessary for granting the exemption under section 10( 13A ) that the employee should have actually incurred the expenditure on rent. For purposes of deduction of tax, therefore, the disbursing officer should ensure that the employee concerned has in fact incurred the expenditure on rent. The payment of rent should be verified through rent receipts in the cases of all employees. House rent allowance paid to a person, who is living in his own house or in a house for which he does not actually pay any rent, is not exempt from tax in any circumstances— Letter : F. No. 12/19/64-IT(A-I), dated 2-1-1967.  Only the expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee subject to the limits laid down in ...