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Income Tax: Among several benefits, one of the main advantages of choosing the old tax regime is that it enables you to claim exemption for house rent allowance (HRA).
Taxpayers are always keen on minimizing their tax liabilities. The Income Tax Act 1961 offers various tax benefits, including House Rent Allowance (HRA), which can significantly reduce your tax burden.
HRA exemption news: In its pre-Budget 2024 recommendations, Ernst and Young (EY) has urged Finance Minister Nirmala Sitharaman to expand the definition of metro cities for House Rent Allowance (HRA) exemption calculations in Income Tax filings. The global consultancy firm…