50% of the base wage = ₹3 lakhs. Extra rent paid each year that is greater than 10% of the base wage = ₹1.2 lakhs. The HRA exemption amount is ₹1.2 lakhs, while the remaining ₹1.2 lakhs are taxed. Once you know the HRA claim amount, utilise the appropriate ITR form and submit your ITR by doing the following:

TDS On Professional Fees Limit for FY 2022-23 – Exemptions & Penalty R. Nithya May 11, 2023 13,836 4 mins read We start by understanding Section 194J of The Income Tax Act 1961. We add the Meaning of Professional Services Under Section 194J, then discuss the Amendments in TDS Section 194J.

Some college tuition and fees are deductible on your 2022 tax return. The American Opportunity and the Lifetime Learning tax credits provide deductions, but you can only use one at a time..

No. Only one part is required to be filled out for each student seeking a tuition andfee exemption under section 1009.25(1)(e), F.S., depending upon the information available for the student: Part 1: Certain individuals are authorized to confirm that a student is experiencing homelessness for the purposes of the tuition and fee exemption.

In 2022, the standard deduction amounts to $12,950 for single taxpayers and married taxpayers who file separate returns, while married couples filing jointly can claim an amount twice that size at $25,900. Heads of household can claim a standard deduction of $19,400.

1. Employer Covered Under Gratuity Act 2. Employer Not Covered Under Gratuity Act In the first case, employers use the following formula: Total gratuity amount = n*b*15 / 26 Where n = number of years in providing services to a company. b= last basic salary and dearness allowance. Take a look at the following example:

Non-government employees: In case of non-govt employees the exemption is to be limited to the least of the following: Amount received as leave encashment The amount stated by the government i.e., Rs 3 Lakhs** 10 months average salary* before as on the last month of retirement

2 days ago Updated The current leave encashment exemption limit is revised from Rs 300000/- to Rs 2500000/-. The exemption applies only during an employee's settlement or retirement process. The latest budget includes lower tax rates under the new regime.

02 July 2016 Dear Sir, Thanks for your kind replies, Further if we want to file ITR – 5 for gratuity trust following question arise:-1. Is interest received on LIC Fund which is shown as exempt income is required to shown net off expenses i.e. fund maintenance charges or to be shown in gross.

Conveyance Allowance: Any allowance granted to meet the expenditure incurred on conveyance in performance of duties of an office or employment of profit, provided that free conveyance is not provided by the employer.