FAQs

ITR-1 (Sahaj): For individuals with income up to ₹50 lakh from salary/pension, one house property, other sources (excluding lottery winnings and income from racehorses) and Capital gain income upto ₹1.25 Laks per anum.

ITR-2: For individuals whose income includes salary/pension, more than one house property, capital gains, or foreign income/assets.

By login to income tax portal and going through 26AS or AIS report.

u/s 10(14) of Income Tax Act, upto Rs. 26,400 per year food allowances provided by the employer.

House Rent Allowance allowed u/s 10(13) of Income tax Act is lower of the following:

(a) Actual HRA Received;

(b) Rent paid - 10% of salary ( salary includes Basic and DA);

(c) 40% of Basic salary who lives in non metro politan city OR 50% of basic salary who lives in metro politan city.

LTA is allowed when an individual actually utilises the amount to travel in India. Expenses include only travel fare. Other expenses like hotel, sightseeing, etc food etc are not covered. LTA exemption is limited to actual received as allowance.

Retrenchment compensation in India is a statutory financial benefit provided to eligible employees when their services are terminated due to reasons such as downsizing, redundancy, or closure, excluding cases of disciplinary action. This compensation is governed by the Industrial Disputes Act, 1947, specifically under Section 25F.