HRA Form - Summary
House Rent Allowance (HRA) is a vital component of salary, particularly for those who relocate for work and pay rent. HRA is compensation provided by organizations above the basic salary for employees who move to different cities. It also qualifies for tax exemptions under the Income Tax Act, helping individuals save on taxes.
Understanding the HRA Form
HRA, known as House Rent Allowance, is part of an employee’s salary that can be fully or partially taxable under Section 10(13A) of the Income Tax Act. You can easily download the HRA Form PDF from the link provided at the bottom of this page.
Key Points to Remember about the HRA Form
- The employee’s salary details
- The actual rent that is paid by the employee
- The House Rent Allowance that the employee receives
- The location where the employee stays
- The location of the employer’s office
HRA Tax Exemption Limit for Salaried Individuals
According to Section 10(13A) of the Income Tax Act, HRA tax exemption is available. The deduction will be the least of the following amounts:
- The House Rent Allowance provided by the employer.
- 50% of the employee’s salary for those living in Metro cities like Delhi, Mumbai, Kolkata, and Chennai.
- 40% of the salary for those staying in other cities.
- The actual monthly rent paid by the employee minus (-) 10% of their salary.
Salary encompasses the basic salary, dearness allowance, and any commissions.
You can download the HRA Form PDF using the link provided below.
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HRA Form for Salaried Employeees
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