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How to claim income tax deductions


10 Feb, 2013 2p.m.

It financial year end and the only thing that will bother you is your submission of the prrofs for income tax deductions and exemptions. If an employee fails to do so, the deductions and exemptions claimed can be denied by the employer. Hence, plan your taxes-submit the proofs to the employer and claim the benefit of tax exemption/deduction in your Form 16 and reduce your tax burden.

Some of these exemptions/ deductions are discussed below.
  • House Rent Allowance (HRA) - You have to produce the rent recipt from the house owner to claim HRA exemption. In case the HRA received per month is Rs 3,000 or less, the employee need not produce any supporting documents for such rent payments. How ever the tax officer, at the time of assessment/enquiry, shall still have the right to call for the supporting documents. If the annual rent paid by the employee exceeds Rs 2,00,000, it is mandatory for the employee to report the PAN of the landlord to the employer in addition to the receipt. 

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