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Can we submit rent receipt?
Points to Remember: For claiming HRA exemption you need to submit the rent receipts as a proof of rent payment to your HR/Accounts department. There is no set format for rent receipts prescribed. If paying rent more than Rs. 5000 in cash then ensure the revenue receipt is affixed with the revenue stamp.
Can I submit rent receipt without revenue stamp?
You don’t even need the revenue stamp if you are payment of rent is made via cheque. The receipt generated by ClearTax is sufficient. Revenue stamp is only needed if payment made in cash per receipt is more than Rs 5,000.
Is rent receipt mandatory?
You must ask for receipt for the rent paid every month irrespective of the channel used for making payments. In addition to rent receipts, if your payment exceeds Rs. 1 lakh annually, then it is mandatory for you to provide the PAN of your landlord to your employer to avail the full benefit of HRA exemption.
Do I need to disclose my investments to my employer?
Requirements Under the New Rule It requires all licensed employees to declare investment accounts held with other financial institutions. Employees must get written consent from their employers about their own accounts or those owned by associated individuals at other institutions.
Is it possible to claim HRA through fake rent receipts?
Many times it is seen that people claim for HRA by submitting fake rent receipts. This also helps to get them tax benefit. But now as there is increase in the number of fraud HRA claims, IT department has started to ask for some other legal proofs.
What is a rent receipt and how to obtain one?
A rent receipt is provided by the landlord when he receives the rent from the tenant – it has his signature that confirms the receipt of payment. If you are paying rent, you can submit evidence and save tax – total amount is reduced from your gross taxable income. A rent receipt is only valid if it has certain components:
Is a revenue stamp required on rent receipts in India?
A revenue stamp is required to be affixed on rent receipts if cash payment is more than Rs. 5000 per receipt. If rent is paid through cheque then revenue stamp is not required.
Can I use the word “fake” receipts in a tax return?
Using the word “fake” receipts will create a negative impression among the readers who are willing to answer you. But i understand your situation. While business men make fake bills or inflate their expenses to reduce their profits and hence pay less tax, a salaried individual has limited scope of tax savings.