If you are a salaried individual then you can very easily go for claiming the house rent allowance which will be helpful in meeting the rent-related accommodation expenses without any kind of problem. All the individuals who are taking salary can very easily live in a rented house and ultimately claim this particular exemption which will be helpful in reducing the taxation liability very easily. On the other hand, if individuals are not living in rented accommodation but are still getting the house rent allowance then this particular option will be completely taxable in the whole process. Using the option of an hra calculator in this particular case is definitely a great idea for people so that everyone will be able to indulge in accurate calculations very successfully and further will be able to calculate the allowance without any kind of hassle element in the whole process.
Some of the basic things that you need to know about using the option of the HRA calculator are very well explained as follows:
- No scope of any kind of mistake: Whenever the concerned people will be using the option of the HRA calculator then definitely there will be no chance of any kind of mistake element in the whole process of filing the returns and the further best part is that people will be able to use the calculator for multiple times without any kind of problem.
- Claiming the exemptions becomes easy: When everything will be perfectly backed by proper research and accurate calculations, there will be no chance of any kind of mistake in terms of claiming the exemption because everything will be based upon a very good level of calculation very easily. On an overall basis, it will be helpful in improving the success rate of people very well and further, they will be able to become masters of financial management without any problem.
- Consideration of multiple variables: Using the option of an HRA calculator is considered to be a great idea because this will be based upon consideration of multiple variables very easily and ultimately people will be able to streamline the calculation associated with the house rent allowance. In this particular case, people will be definitely able to carry out things with proper effectiveness right from the very beginning and ultimately it becomes easy for the employees to save the tax.
How to use the option of the HRA calculator?
- First of all, people need to enter the very basic salary and the house rent allowance which they will be getting as per the salary slip
- After this people need to enter the actual rent paid which will be specifying if individuals are living in a Metro city or from a normal city depending on the drop-down menu of the calculator.
Whenever any of the above-mentioned points will be done people will be able to have a good understanding of the calculations associated with the HRA calculator without any kind of problem in the whole process. Hence, depending on the market players like 5paisa is a good idea in this particular case so that people will be able to streamline the calculations and ultimately save the taxes.