Allowance is a fixed monetary amount paid by the employer to the employee, Whether personal or for the performance of his duties. These allowances generally taxable unless a specific deduction/exemption is provided by law. So in this article we will discuss about House Rent Allowance broadly. So you can understand and calculate it very easily. Please read complete article including the notes given at the end of the article.
As per circular no. 5/2011 dated 16 August 2011, if the house rent paid per annum Rs. 180000 or 15000 per month or above, it is mandatory to submit PAN number of house onwer or landlord . If PAN number not to be yet submit, the house onwer/landlord must submit a declaration on plain paper with the name and address of land/houseonwer, which submit the employees.
- Basic Salary – Rs. (5000*12) – Rs. 60,000/-
- Dearness Allowance (D.A) – Rs. (1000*12) – Rs. 12000/-
- House Rent Allowance (H.R.A.) – Rs. (2000*12) – Rs. 24000/-
- Actual Rent Paid – Rs.(2000*12) – Rs. 24000/-
- Actual HRA received (2000*12) – Rs. 24000/-
- Rent Paid in excess of 10% of salary ( 24000-7200) – Rs. 16800
- 40% of Salary – Rs. 28800/-
This house rent allowance calculator in excel is developed by my friend Mr. Pranab Banerjee and he is happy sharing it with taxalertindia.
Download HRA Calculator developed by Mr. Pranab Banerjee
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