Understanding the Statutory Limit in the Income Tax Act, 1961: What You Need to Know

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In case the landlord does not have a PAN, he/she has to sign a self-declaration where he/she mentions that his/her income does not exceed the statutory limit under the Income Tax Act, 1961.

What is the Statutory Limit Prescribed Under the Income Tax Act, 1961?

What is the statutory limit prescribed under the Income Tax Act, 1961?
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If any income of an individual is above Rupees 1 lakh per annum, it becomes taxable as per the statutory limit prescribed under the Income Tax Act, 1962. House rent is considered Income from House Property, and the same rule is applicable. Here is a Rent Receipt without PAN - Sample declaration format.

A Format of Declaration May Be as Follows:

Date

To

Name & Address

DECLARATION

I, ____________ (Full name and address of the declarant), aged ____, do hereby declare that I have leased Flat No. _______________________________ from 1st April 2013 to 31st March 2014 to ___________ (Name of lessor) at a monthly rent of Rs. _______/- (__________________ only). Further, I do hereby declare that my total income during the financial year 2013-2014 did not exceed the statutory limit prescribed under the Income Tax Act, 1962, and I have not been assessed to tax and do not have a PAN card.

Verification

I, _________________, do hereby declare that what is stated above is true to the best of my knowledge and belief.

Verified today, the _____________ day of _________________

Date: ________________ Place: ________________ (Name of The Declarant)
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