HRA exemption

[Former Member]

Hi ,

I entered HRA 40% on basic pay in 0008 IT.Calculation coming correctly .HRA is 16,667.00

than 581IT (Housing(HRA / CLA / COA)) created

Accommodation Type:Rented accom

City Category:Non -metro

Rent Amount 20,000.00 INR ,selected check box HRA to be tax exempt

executed pay roll .

/4E4 HRA Annual Exemption= 186,832.94

how it arrived this amount

How much amount is HRA exemption , How do I check in RT table.

Regards

Nandhini

[Former Member · Accepted solution]

In addition to Ankit,

1. . 50% of basic(in case of Metro), 40% of Basic( In case of Non Metro) - this basic is an annual amount which will be generated by projecting the wage type /114 for the number of months employee will be in HRA.

Other 2 points are ok.

How much amount is HRA exemption , How do I check in RT table - /4E4 is the HRA exemption amount. This amount will be cumulated to the /130 by PCR IN76.

Check these 2 wage types in RT. Also note that /130 is not only HRA, its combination of all exemption u/s 10 amount.

Edited by: Praveen Tiwari on May 18, 2011 5:02 PM