Income Tax 2022-23, ITR filing last date: How to get HRA, home loan repayment rebates together

 

The last day for filing the income tax returns is approaching fast. The I-T returns have to be filed by July 31 by all means. It is possible that the ITR filing deadline is extended. Even though this happens every year, it is prudent to file the ITR as soon as possible. The benefit of filing ITR sooner than later is that people would get tax refunds faster. 

Normally, rebates on house rent allowance and home loan repayment cannot be claimed together while filing the ITR. However, there is a way to do that. There is a special category of taxpayers who can actually pull off the rebate. 

Read More: Income Tax Return: Don’t have taxable income? You may still have to file your ITR! Know when

If a taxpayer can prove that she is not living in the house purchased by her and is actually paying rent on another house, she can claim both HRA and home loan repayment rebates. 

This helps those who have bought a house in one city and are living on rent in another. People who have bought houses far away from their workplace and are living in rented accomodation, can also avail this facility. 

Read More: ITR filing due date 2022: Last date to file Income Tax Return for Individuals, HUF, firms, late fee explained

Here are the four conditions under which this facility can be allowed, as per Hindustan. If you live in one city and have a house on loan in another; if you live in a rented accomodation in the same city you have bought a house in; you have bought your house for investment purpose and you live elsewhere; your house is being built and you are living in rented accomodation. 

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more