How to Claim Tax Exemptions while filing ITR?
Claim Tax Exemption while filing Income Tax Return
There are times when some salaried tax payers are not able to claim tax exemption as they were not able to submit the required documents within timelines. Generally companies start asking for the tax exemption documents like investment proof, rent receipt, Loan payment certificates etc from January onwards. But in case you were not able to submit the proof and your employer has deducted excess tax, you need not worry.
You can claim some of these exemptions while filing your income tax return (ITR).
House Rent Allowance (HRA)
You need to submit rent receipts, PAN card number of landlord (or declaration in
case of no PAN card) and in some cases rent agreement to your employer to claim tax deduction against HRA.
In case you did not submit your documents before the deadline, your employer would not give tax exemption on HRA and deduct tax accordingly.
But the good news is you can claim HRA exemption even while filing your tax return.
You need to calculate the amount of HRA exemption which is minimum of
- Actual HRA Received or 40% (50% for metros) of (Basic + Dearness Allowance) or Rent paid (-) 10% of (Basic + Dearness Allowance)
You can use our HRA Tax exemption calculator for the same.Source: apnaplan.com