[30min.’ Live Discussion with Experts] on Tax Planning & IT Declaration; 3:30PM to 4:00PM, 29th April 2022

General Discussions
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45

Sir,

while doing the tax declaration do we need to fill 80D which is by default 50k. Do we need to enter the amount 50k in form 12BB?

3 Likes
46

Yes, the employer will consider the details of new landlord as well. You need to make the separate entries for the duration stayed in previous and current rented accommodation.

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47

Yes, the amount of actual contribution made towards medical insurance premium during the year need to be entered in Form 12BB.

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48

Hi Sir,

Is rent agreement compulsory when rent is under 1 lakh.?

2 Likes
49

Hi Sir,

Is it necessary for an individual of less than 5 LPA package bracket to submit IT declaration?

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50

As per the prescribed rules, there is no need to submit any proof if the annual rent is less than INR 1 lakhs. However, as a practice companies generally request from all the employees irrespective of amount of rent, the documents such as notarized registered rent agreement with the landlord, rent receipts, copy of the bank statements, and other such documents to substantiate the payment of rent.

2 Likes
51

Hello Sir,

what if I get relocated to other city and I already declared with my previous landlord name. Will they consider different landlord name later?

1 Like
52

Donation can be declared in IT declaration

1 Like
53

Sir, let me know the process to claim LTA and documents required to claim

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54

It is not necessary for an individual to submit IT declaration if the CTC is less than INR 5 lakhs as no tax liability will arise. However, it is advisable to make the declaration for the purpose of correct reporting of investments made, if any.

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55

“HRA benefit is not allowed under the new tax regime.” - Could you please explain this and help us understand what it means for the employee?

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56

Yes, the employer will consider the details of new landlord as well. You need to make the separate entries for the duration stayed in previous and current rented accommodation.

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57

Yes, donation under Section 80G can be declared in Form 12BB.

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58

Under the new tax regime, income is taxed at lower rates as compared to old tax regime, however, an individual need to forego certain exemptions and deductions which also include HRA exemption. It is advisable to work out the tax liability under the old and new tax regime before deciding which one is more beneficial

1 Like
59

Thank you so much Mr Shubham Goel! @Shubham ( especially extending to address so many user queries as they came in from the community after the scheduled session time) You are awesome!

It was very informative and knowledgeable for all. That’s a great session of abundance of knowledge on Tax planning and IT declaration. Thank you for making an amazing experience for our members.

Community members, In case there are any unanswered questions please post it in the thread or in the community directly, our experts will guide you with your doubts.

So we are coming to a close to this edition of LIVE discussion with the expert on the greytHR community. This thread will be available for reference always.

Thanks to each and everyone who attended, liked and viewed the session.

Closing now. Thanks everyone once again and see you soon in the next session soon!

1 Like
60

Thanks Vidyaranjan. It was a good interactive session.

2 Likes
61

Sir we are honored to host you and learn from you. Thank you for accepting and making the learning experience great!