Question

mr a employed at erode on a salary rs 3000 per month as the employer paying hra rs 350 but actual rent paid by him employee is rs 500 per month compute his taxable of hrm​

Answer 1

answer

sorry I don't understand this question

Answer 2

Answer:

Exempted HRA is the least of

a) Actual HRA,

b)40% of salary(non-metro city) 50% of salary(metro city) or

c)Excess of rent paid over 10% of salary.

In the question given,

Salary is 3000 pm, HRA is 350, Rent is 500 pm.

a) Actual HRA = 350*12= 4200

b)40% of salary(non-metro city) = 3000*12*40%=14400

c)Excess of rent paid over 10% of salary = 6000 -(36000*10%)=2400

The least of the above is option c) rs2400 is the exempted HRA amount.

Taxable HRA will be HRA provided less exempted HRA amount.

                                   rs 4200 - rs 2400 = rs 1800

Taxable HRA is rs 1800.