Table of Contents
How much HRA is allowed in TCS?
TCSL will be deducting tax at source as per income tax guidelines. 1. House Rent Allowance (HRA) Your HRA will be *4,080/- per month. While restructuring your BoB amount to various components, it is mandatory that at least 5\% of monthly basic pay be allocated towards HRA.
What is HRA in TCS?
The House Rent Allowance (HRA) is an important component of the salary that is paid by employers for meeting the accommodation requirements of employees.
Is TCS car refundable?
Buyer can avail its credit from its tax liability payable to the IT Authorities. In case buyer has not any tax liability, then TCS amount will be refunded after filing of Income Tax Return.
Is HRA allowed for own house?
One can claim HRA exemption as well as the deduction for interest on a home loan if one owns a house but lives in a rented house. Both these tax deductions are allowed only if the house one owns and the house one lives in are at different locations and there is a genuine reason for not living in one’s own house.
How to claim HRA on your tax return?
In order to claim the deduction, an employee must actually pay rent for the house which he occupies. The rented premises must not be owned by him. In case one stays in an own house, nothing is deductible and the entire amount of HRA received is subject to tax.
Which percentage of salary is eligible for HRA tax exemption?
50\% of the employee salary is eligible for HRA tax exemption if he or she lives in any of the Metro cities of India. The metropolitan cities of India include Delhi, Mumbai, Calcutta and Chennai. In case the employee lives in any other city then 40\% of the salary can be HRA exempted.
Is TCS a good company to work for?
Nevertheless it is a good company to work for if you are looking for job certainty in your career. Layoff is very rare and it is done in extreme circumstances See the sample payslip of TCS. Once you are given the offer, you will have the flexibility to make changes in various components.
How is the company performance amount credited in TCS?
The company performance amount will be credited on a quarterly basis based on the company’s Quarterly result. This will come under the heading “Miscellaneous” You can find some unique deductions like “Labour Welfare” and “TCS Welfare Trust”. The TCS Welfare Trust is used in case of medical emergencies which require high cost of treatment.