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Answer Posted / satyaki_raju@yahoo.com
HRA house rent allowance which is given by the employer to
teh employee to meet the rent of his residence. But some
portion of allowance will be exempted from taxable income
basing on the below rule
1.Actual HRA
2.Rent paid -10% of salary
3.50% of salary in case of metro cities and 40% of salary
in other places.
The least of the three will be exempted from taxable income
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THERE IS EXCESS TDS REMITTED UNDER SECTION 194 H IN EACH MONTH STARTING FROM APRIL 2011 TO DECEMBER 2011.THIS IS DISCOVERED IN JANUARY 2012. THE QUARTERLY RETURN IS YET TO BE FILED. HOW TO TAKE EXCESS CREDIT IN FILING QUARTERLY RETURNS ? WHETHER EXCESS TDS CAN BE ADJUSTED AGAINST REMITTANCE OF TDS FOR JANUARY 2012 (UNDER 194 H ONLY)AND THE BALANCE ONLY CAN BE REMITTED? IF SO, HOW TO GIVE THE CHALLAN REFERENCES IN THE RETURN?
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