HRA Calculator Online

This HRA Exemption Calculator Online for Salaried Employees will help you to know your HRA exemption amount to be claimed to save income tax. Best HRA Calculator Online Tools

HRA Calculator

Do you live in Delhi, Mumbai, Kolkata or Chennai ?

  Yes     No
Basic Salary (PA) :
Dearness Allowance (PA) :
HRA Received (PA) :
Total Rent Paid (PA) :

HRA Chargable to TAX:

Total Exempted HRA : 50% of basic salary : HRA Received : Rent Paid - (Less 10% of basic) :

House Rent Allowance Calculator Online

House Rent Allowance or HRA is a salary component paid to employees by an employer towards the accommodation cost of living in that city. Even though it is a part of your salary, unlike your basic pay, HRA isn’t entirely taxable, subject to conditions (a percentage of HRA is exempted under Section 10 (13A) of the IT Act, 1961).

The new regime has witnessed a lot of changes when compared to the old regime. However, one of the biggest changes that are to be pointed out is the fact that the new regime will not have some of the exemptions or deductions from the last tax regime. These include the House Rent Allowance or HRA as well. Thus, if you opt for the new tax regime and file your taxes accordingly, you will not be able to enjoy the deduction for HRA.

The salary or pay for individuals can be defined as the sum of their basic salary, DA (dearness allowance), and any/all other commissions as applicable. HRA deduction calculation for employees residing in a metro will be 50% of the basic salary and is 40% for residence in a non-metro city. In case of salaried individuals without a DA component or commissions in their remuneration, the HRA allowance will be 40 or 50% of their basic pay.

Why Use Our Online HRA Calculator?

  1. Accuracy: Our calculator ensures precise calculations, eliminating any room for error and giving you peace of mind.
  2. Time-Saving: Say goodbye to hours spent crunching numbers. With our tool, you’ll get instant results in seconds.
  3. Clarity: Understand exactly how your HRA impacts your tax liability, helping you make informed financial decisions.

Maximize Your Tax Savings

Why pay more tax than you have to? Our Online HRA Calculator empowers you to strategize and maximize your HRA exemptions, putting more money back into your pocket.

Stay in Control of Your Finances

With the Online HRA Calculator by your side, you’re in control of your financial journey. No more uncertainty, no more confusion – just clear insights that help you plan ahead.

Ready to Empower Your HRA Calculations Online?

Don’t let HRA calculations be a source of stress. Embrace the convenience of our Online HRA Calculator and take charge of your financial planning. Say goodbye to guesswork and hello to accurate, hassle-free calculations. Start optimizing your tax savings today!

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This HRA Exemption Calculator for Salaried Employees will help you to know your HRA exemption amount to be claimed to save income tax.

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FAQs

Can I claim HRA exemption if I have not submitted rent receipts?

Yes, you can claim HRA exemption by lowering your taxable income at the time of filing your return. However, you must calculate exempt HRA using calculator and subtract the same from your taxable income.

How can I claim exempt HRA?

As an employee, you must submit Form-12BB investment declaration to your Employer to claim an exemption on HRA. You must also submit rent receipts signed by your landlord as a supporting document.

How to calculate exempt HRA?

Enter the following details to calculate your HRA exempt from income tax: 1. Basic Salary 2. Rent Paid 3. HRA (House Rent Allowance) received 4. Select if you are living in a metro city or not

Which are the metro cities considered to calculate HRA?

Calculation of exempt HRA may differ based on if the taxpayer is living in a metro city or not. The metropolitan cities for HRA calculation are Delhi, Mumbai, Chennai, Kolkata.

What are the conditions to calculate HRA exempt from Income Tax?

To calculate the exempt HRA, the lower of the following amount will be considered: 1. Actual HRA received 2. 50% of the basic salary 3. Excess rent paid over 10% of the annual salary

Where can I find salary details to use HRA calculator?

To use HRA calculator you need details like basic salary, dearness allowance, HRA received. You can find these salary details in your salary slips or Form 16 for that financial year.

Can I claim HRA exemption under the New Income Tax Regime?

From FY 2020-21 onward, employees opting for New Tax Regime can not claim an exemption on HRA. HRA Exemption is only available if an employee opts for the Old Tax Regime. Check which Income Tax Regime is better for you using Income Tax Calculator.

What is the formula for HRA calculation?

To calculate HRA, the lower of the following is used: 1. Actual HRA 2. 50% of the basic salary 3. Excess rent paid over 10% of the annual salary