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Eight money relate tasks to complete before June 30,2020

        Over the past two months, the government has announced a slew of relief measures to reduce the impact of the corona virus-induced lockdown on various sections of the economy. The government has also announced measures to make it easier for the common man to shoulder financial responsibilities.      Some of these include extensions of financial deadlines such as the tax-savings deadline, deadline for linking of PAN with Aadhaar etc. Many of these deadlines fall on the last day of June.      Here is a look at eight money-related tasks you should complete before June 30,2020. ·          Linking of PAN with Aadhaar      The government has extended the deadline to link PAN with Aadhaar to June 30, 2020 from March 31,2020. If your PAN is not linked with Aadhaar by the deadline set for this, then your PAN will become invalid. With an invalid PAN, you will not be able...
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You Can Claim HRA As Well As Tax Deduction On Home Loan

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  For some people, the tax-planning season has just started. You know that house rent allowance (HRA) and the deduction related to home loan repayment can lower your tax liability.  You will be pleased to know, in certain cases, you can avail tax benefits from both of these.   Here’s how:   HRA and home loan HRA exemption can be claimed under section 10(13A) of the Income-tax Act, 1961. To calculate this exempted amount, lowest of these three is considered: 1) Actual HRA received from the employer, 2) 50% of salary if employee lives in a metro city; and 40% if the employee lives in a city other than a metro, and 3) actual rent paid minus 10% of salary (basic plus dearness allowance plus turnover-based commission). Home loan tax benefits are calculated in a different manner. In case of a home loan, the deduction on principal repayment can be claimed under section 80C of the income-tax Act, up to the threshold limit Rs1.5 lakh, or the actual princ...
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