SoCo urged the incoming administration of Carrie Lam Cheng Yuet - ngor to tackle the problem by
introducing rent allowance, reviewing the minimum wage policy and setting poverty reduction targets.
Housing benefit (
rent allowance paid by the council) or LHA rates are # 260.64 per week for a one bed flat (# 1129.44 per month) or # 302.33 (# 1308 per month) for two beds.
Now unlike house
rent allowance which is exempted only to the extent specified under section 10 (13A) it may or may not be taxable.
Further, as regards income from employment, exemptions like
house rent allowance (HRA), leave encashment and medical reimbursements have been retained.
A simple form of regional pay,
rent allowance, was including in police pay and conditions in the past and was working very satisfactorily until it was removed by Government as part of cost savings.
Only salaried individuals can avail the benefits of house
rent allowance.
If you do not get commissions or dearness allowance then the house
rent allowance will be 40 percent or 50 percent of your basic salary.
One of these components is house
rent allowance.
The salaried taxpayers can use their leave travel allowances and house
rent allowances to save on tax.
The provisions of the Income Tax Act's Section 10 (13 A) regulate the house
rent allowance.
Those individual taxpayers, by whom the house
rent allowance is not received, qualify for this deduction on the rent they pay, subject to the highest deduction equal to 25 % of the total income incurred or Rs. 2, 000 per month.
Income from basic salary, dearness allowance, special allowances and bonus are all taxable under income tax laws but house
rent allowance, conveyance allowance and other reimbursements like medical reimbursements are exempt.
The employee will have to provide the following documents, in case he or she wishes to claim or the tax exemptions related to the House
Rent Allowances.
Even if the employer refuses to provide for the tax benefits of the House
Rent Allowances, the employee can claim the HRA tax exemption when he or she files the income tax returns.
House Rent Allowance (HRA)-- House
rent allowance is a part of the cost to company an employer pays to its employee.
The employee can also avail tax benefit by house
rent allowance and up to certain limit, conveyance allowances is also tax - free.
Allowance — The several allowances that your employer pays you, like house
rent allowance, travel allowance and more.