Question

The annual salary of an Unmarried employee working in a bank is 900000. If 67% of his income is given as donation and 5 percent of his salary is deposited on citizen Investment trust . what amount of This income is taxable? ​

Answer 1

Answer:

The amount of HRA received by you from your employer is not fully exempt from tax. The tax-exempt portion of the HRA is actually the minimum of the following:

a) Actual HRA received from employer

b) 50 percent of the 'salary' if the accommodation is in the metro cities (Delhi, Mumbai, Chennai, Kolkata) or else 40 percent for other cities

c) Excess rent paid annually over 10 percent of the annual 'salary'