WebApr 11, 2024 · Eligibility: To claim tax deductions under 80GG, you must be a self-employed person or an employee who does not receive HRA from their employer. Calculation of Deduction: The deduction under Section 80GG is calculated as the lower of the following amounts: Rent paid minus 10% of total income. Rs. 5,000 per month. WebNov 26, 2024 · In this case, the lowest value out of the below-mentioned conditions would be considered for deductions: Condition 1: ₹5000 every month, which amounts to ₹60,000 per year. Condition 2: 25% of total income = ₹75,000. Condition 3: The rental paid minus 10% total income i.e. ₹72,000 – ₹30,000 = ₹42,000.
Deduction under section 80GG of Income Tax Act - TaxGuru
WebUnder Section 80GG, you can claim up to ₹ .60,000 per annum in case you have not received HRA at any time in a particular financial year. And, the quantum of the … WebApr 8, 2024 · For the current fiscal year 2024-2024, and assessment year 2024-2024, the employee needs the following details to file their ITR. Salary. Exempt Assignments Under Section 10. Total amount of salary received from current employer (=1 – 2) Section 16 deductions. Includes standard deduction, entertainment allowance, and employment tax. green pc world private limited
Income tax Deductions FY 2024-23: Useful for Tax Planning
WebSep 28, 2024 · Lower of the following amount would be available as a deduction under section 80GG of the Income Tax Act –. INR 5,000 per month; or. 25% of the adjusted total income; or. Actual rent paid (-) 10% of total income. One needs to apply the following formula, for arriving at adjusted total income –. Gross total income (sum of income under … WebMar 2, 2024 · Also, deduction under section 80GG is to be excluded. Other requirements. The Assessee needs to file Form 10BA containing details of payment of rent before the filing of return. Example. Mr. A pays a rent of Rs. 10,000/- per month. His total income before deduction under section 80GG is Rs. 4,80,000/-. The deduction that will be allowed to … WebSection 80GG allows an individual to claim a deduction on the rent that is paid towards a furnished or unfurnished house. The house must be in use for their residential … green pc software