Dear Mr. Pradeep Sahukari
There is no Income Tax Law as such as per my best knowledge, it is either Income Tax Act or Income Tax Rule. Secondly does IT act prohibits you to give more or less than 40%/50% of the basic.
The IT Act states that the maximum deductible for HRA is 40% of the Basic for non metros and 50% in case of Metros. There is no rule to fix the HRA 40% or 50% of the Basic in any Act. If there is any please refer to me the said Act for my knowledge gaining purpose
There is no Income Tax Law as such as per my best knowledge, it is either Income Tax Act or Income Tax Rule. Secondly does IT act prohibits you to give more or less than 40%/50% of the basic.
The IT Act states that the maximum deductible for HRA is 40% of the Basic for non metros and 50% in case of Metros. There is no rule to fix the HRA 40% or 50% of the Basic in any Act. If there is any please refer to me the said Act for my knowledge gaining purpose