Who are not get any House Rent Allowances from his Employer they can Eligible Exemption from House Rent under Section 80GG With Automated Income Tax Master of Form 16 Part B which can prepare at a time 50 Employees Form 16 Part B in a new format for the F.Y. 2019-20

Taxpayers can claim income tax deduction under Section 80GG for any amount paid as rent. In this article, we look at Section 80GG deduction in detail

Under Section 80GG, taxpayers can claim a deduction from gross total income for any amount paid by way of rent of any premises occupied by the taxpayer for the purposes of his/her own residence.

For claiming Section 80GG deduction, the taxpayer must also conform to the following conditions:

  1. The taxpayer is not in receipt of any house rent allowance (HRA) from his employer which is exempt under section 10( 13A);
  2. No residential accommodation is owned by the assessee or by his spouse or minor child or, where such assessee is a member of a Hindu undivided family, by such family at the place where he ordinarily resides or performs duties of his office or employment or carries on his business or profession.
  3. No residential accommodation is owned by the assessee at any other place, which is in his occupation for the purposes of his own residence.

Amount of Deduction under Section 80GG

The amount of deduction under Section 80GG must be calculated as under:

  • Amount spent on rent in excess of 10% of the assessee’s total income before allowing a deduction for any expenditure under this section.
  • The deduction will be restricted to lower of the following amounts:
    • 25% of the total income of the assessee before allowing a deduction for any expenditure under this section.
    • The amount calculated at Rs.5000 per month or Rs.60,000 per year.

Form 10BA

To claim deduction under Section 80GG, the taxpayer must file a declaration in Form No.10BA. Taxpayers can prepare and file Form 10BA on the Income Tax E-Filing website. To prepare and file Form 10BA.

Download Form 10BA

Download And Prepare At a Time 50 Employees  Automated Income Tax Form 16 Part B (Modified Format) [This Excel Utility Prepare At a time 50 Employees Form 16 Part B in New Format for A.Y. 2020-21]

 The main feature of this Excel Utility:-

  1. Prepare At time 50 Employees  Excel Based  Form 16 Part A&B ( Modified Format of Form 16 Part B Vide CBDT Notification No.36/2019 Dated 12/04/2019 ]
  2. All the Amended Income Tax Section have in this utility as per Budget 2019
  3. You can print individual Form 16 Part Part B
  4. Most easy to install just like an Excel File
  5. Easy to Fill all columns
  6. Automatic Convert the Amount to the In-Words

Leave a Reply

Your email address will not be published. Required fields are marked *