RULES GET TIGHTER FOR CLAIMING HRA, LTA

To check falsity by salaried taxpayers in claiming deductions, the income tax (I-T) department has introduced a new form that all employees will need to give their employers this financial year onwards. Along with the new declaration (From 12BB), employees will also need to furnish evidence and information related to the deductions they claim. According to the government notification, if an individual claims housing rent allowance (HRA) of over Rs 1 lakh, he or she will need to furnish name, address and permanent account number (PAN) of the house owner. Those claiming leave travel ...