Dear Guru,
My HRA Exemption is not calculated in my payroll because of that my INCOME tax is also not calculated correct.
my salary components is this,
Basic salary 19,500.00
Personal allowance 15,000.00
House rent allowance 13,650.00
IT0581 (12500)Rent
IT0586(80 C deduction)-Tution Fee-16,800.00
LIC Policy-35,215.00
In that case my tax calculation should be 2673 but it's calculating wrong it's showing 3249rs
Kindly tell me what should be the cumulation,Processing and evaluation class settings for HRA and basic wage types still .
IF am seeing in the INHRA function in the log am finding all the wrong calculation.
INHRA Log Detail
BEGDA ENDDA ACC BASIS ELIGI RENT DIFF
01052009 31052009 1 19,500.00 13,650.00 12,500.00 0.00
Finding the Rent for HRA/CLA/COA in the Financial year and the no. of days for HRA/CLA/COA in coming months
BEGDA ENDDA ACC RENTFY TOTMONS
01052009 31032010 1 137,500.00 1.00000E+01
Finding the annual basis
Elig (Annual) = Elig(YTD) + Elig (Curr Mon) + Proj Months * Latest Value
Basis (Annual) = Basis(YTD) + Basis (Curr Mon) + Proj Months * Latest Value
Metro HRA Elig
150,150.00 = 0.00 + 13,650.00 + 1.00E+01 * 13,650.00
Metro HRA Basis
214,500.00 = 0.00 + 19,500.00 + 0.00 + 1.00E+01 * 19,500.00
Find the annual payments and add to the CLA/COA basis to get Total Basis for the year.
Basis = Basis + { /134(CRT) + /134(RT) - /133(RT)} / Total No of Months * CLA/COA Months
Finding HRA Exemption for METRO and NON-METRO
Metro HRA Exemption is 107,250.00
the minimum of the following three
107,250.00 = 50.00 * 214,500.00 / 100.00
150,150.00
116,050.00 = 137,500.00 - { 10.00 * 214,500.00 / 150,150.00
Finding Perk value for CLA/COA
Total HRA Exemption = 107,250.00
thanks