Table of Contents
What happens if rent agreement is not registered?
Yes, if somehow you do not register the rent agreement with the authorities, you may end up paying 10 times the original amount (plus the outstanding registration charges and stamp duty charges) as a penalty. To register your rent agreement, you require to visit the sub-registrar office in your locality or city.
What is unregistered rent agreement?
In the event of an unregistered lease deed / rent agreement that requires mandatory registration, the courts have termed the tenancy to be a month tenancy, terminable on a 15 days notice, by either of the parties. This means that lessee cannot enforce the agreed lease period on the lessor.
Is ITR format changed?
In case of non-business income of Rs 50 lakh and more there is ITR-2. The ITR-3 is for individuals and HUFs with business income and corresponding return for Firm/LLPs is ITR-5. The companies file ITR-6 and trusts and societies use ITR – 7. There are not many changes and ITRs are like those of preceding year.
Is PAN card required for tax exemption for HRA?
According to an earlier notification, the landlord’s PAN card details were to be mentioned in the form when filing a tax exemption for HRA if the annual figure was above Rs. 1, 80, 000. However, in 2013, the government released a new circular stating that PAN details had to be mentioned for HRS exemptions for amounts above Rs. 1,00,000.
Why does my landlord need to add PAN number on HRA?
In his returns, he has to mention his income as House Property Income. So in that case, he is required to mention PAN of the tenant. This process is required by Income-tax Department just to co-relate HRA claimed by you and income declared by the landlord; and to get hold if there are any differences.
What if the landlord does not have a PAN card?
In case the landlord does not have a PAN card, the employee is to submit a declaration by the landlord stating he/she does not possess a PAN card.
What happens if there is a mistake in a PAN card?
Mistakes in a PAN card can be in the form of your name, date of birth, surname, etc. And, if this information is not correct, then other things like paying tax, bank account, filing for Income Tax Return (ITR) or even earnings will be impacted. An error in PAN can be rectified through your birth certificate.