Salaried individuals residing in rented house are entitled to tax exemption on House Rent Allowance (HRA) under Section 10(13A) of the Income Tax Act, 1961. But are you aware of the fact that you, as a salaried individual you can take advantage of this exemption while staying at your parents’ home.
Employees Provident Fund or EPF is savings cum retirement scheme for the salaried individuals. Under this scheme, contribution is made both by the employer and the employee. The amount contributed in EPF scheme is 12% of the salary (basic + dearness allowance). The amount invested over the years, along with specified interest, is paid out to an employee on his/her retirement.
EPF or Employee Provident Scheme is a tax saving scheme cum retirement benefit scheme, which can be availed by the employees of the organisation which are registered under the Employee Provident Fund Organisation (EPFO). Further, the organisations having more than 20 employees are required to obtain EPF Registration.