Exempt from filing ITR Exempt from filing ITR: As of September 2021, certain individuals are exempt from filing Income Tax Return (ITR) in India if they meet certain criteria. The exemption from filing ITR is available to individuals who satisfy the following conditions: Individuals below the age of 60 years: Total income does not exceed… Read More »
Tax exempt Tax exempt: In India, a tax-exempt organization is refer to as a “charitable organization” or “charitable trust” and is exempt from paying income taxation under Section 11 of the Income Tax Act, 1961. This exemption applies to organizations that are establish for charitable, religious, or educational purposes, as well as those established for… Read More »
HRA Tax Exemption Calculation HRA tax exemption calculation: HRA, short for House Rent Allowance, is a salary component provided by employers to assist employees in covering their rental expenses. The exemption for House Rent Allowance (HRA) is determined by considering The following three factors: Actual HRA received from the employer. Rent paid by the employee… Read More »
