The author is a tax and investment expert
The law does not put any bar on you paying rent to any of your relatives for claiming the HRA benefit. You will have to add this sum of 18,000 to your income and find out the total tax liability. If your PF balance is transferred, your EPS details are also transferred as no money is transferred when the EPF balance is transferred.
I am a salaried employee working in a private company. My father had a HUF and owned a house for which I used to pay rent. After his death, I became the Karta of that HUF. Now I continue to live in the house owned by the HUF for which I pay the rent in the name of my father’s HUF. I want to know whether can I still pay rent to HUF in which I am the Karta and can claim the HRA. The HUF is also filing the return and showing the rent income.
For income tax purposes HUF and its Karta are distinct and separate tax entities. Section 10(13A) and rule 2A allow you the benefit in respect of the rent paid by you for the premises occupied by you. The law does not put any bar on you paying rent to any of your relatives for claiming the HRA benefit. Since the HUF is already filing the tax return showing the rental income I do not think there should not be any problem in you claiming the HRA benefit.
I have been retired on 31-12-2023. I have deposited my total income tax before 15th March 2024 for financial year 2023-24. But after depositing my total income tax for FY 2023-24 I got 18,000 rupees as salary arrear on 20th MARCH 2024. This 18,000 rupees arrear also belongs to Financial Year 2023-24. Now the employer did not deduct any tax on this 18000 rupees. Kindly tell me the procedure on how to calculate tax on this 18,000 rupees and how to deposit the additional tax on this 18000 rupees arrear. Can I deposit this additional tax in my ITR for AY-2024-25 & if yes then how? So please tell me the whole procedure to avoid any questioning from IT.
You will have to add this sum of 18,000 to your income and find out the total tax liability. Out of the total tax liability, you should reduce the TDS and advance tax already paid by you. The balance is the tax liability which you need to discharge now. Any shortfall in your tax liability which is not met by either TDS or advance tax can still be discharged by way of advance tax by the end of the year i.e. 31-03-2024. Alternatively, you can pay this tax while filing your ITR as a self-assessment tax or even before that.
I have worked in the company for 5 years and then joined another company. After the change, my PF had got transferred but EPS did not get transferred. How to keep continue EPS account? Do I need to collect the scheme certificate issued by the PF office as a record?
In case your PF has been transferred by default but your balance in EPS never gets transferred. It is only the details of your service like the date of joining, date of leaving, and salary last drawn which are transferred to maintain the records for your eligibility to receive the pension. So do not worry. If your PF balance is transferred, your EPS details are also transferred as no money is transferred when the EPF balance is transferred. Only the relevant details are transferred. Please note that you will be eligible to get a pension only if you have put in services for a minimum of 10 years.
The author is a tax and investment expert
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