Get Your House Rent Receipt Template for Supervision Effortlessly

House rent receipt template for Supervision

hello everyone welcome to career talk once again this video is extremely important from income tax perspective because the income tax department has come up with something called as ais which is annual information statement okay this is like a extended version of form 26as so in ais you will have all of the information of financial transactions which you have done in the previous year okay it is just not limited to few things it is going to include everything okay and it is something which is getting evolved over a period of time okay so you need to understand like you know things like bogus hra which people used to claim earlier will now not be possible okay but before i tell you how i would request you to subscribe to the channel if you are new and also press the bell icon for all notifications so let's assume you have rented a property and you are paying a rent of more than 8 000 rupees so you can claim hra okay which is house rent allowance which will become tax exempted right so a lot of people what they do is sometimes they claim hra okay so which means they have not rented a property but they will give rent receipts but if the rent is more than 8 000 then you are supposed to give the pan number of your landlord okay so people used to that as well they used to give pan id of some relative okay or some friend because there was no way for the government to validate right but now what is going to happen is once you give rent receipts and once you give the pan card details to your employer your employer will submit all these details to the income tax department and guess what the income tax department will show this income on the ais of your landlord okay so there is no way this landlord is going to escape from showing that income the rent income on his ais right so he has to pay tax for that now if you have shown an incorrect pan id the incorrect pan id will get penalized with respect to that rent income right but there is a provision that you know if somebody is trying to cheat the system or you know put some incorrect pan over there the person can actually go and check the ais and say that this is an incorrect entry so if i am a landlord i can be rest assured that nobody can put a rent on my profile and i have to pay a tax for that that's not going to happen so i can make that correction in ais okay but in short there is no way people can claim hra and there is no way people can give house on rent and then not pay tax for it okay so this is a big change which is going to happen of course ais is going to take some time to mature okay so go to the income tax department website and look for it i'll give you the link in the details you can read through it so with the help of ais income tax department can track more than 40 financial transactions okay it is just not limited to few they can track your mutual fund transactions you know equity transactions they can track your cash deposits in the bank they can track your rent payment they can track your balance in the bank they can track your how much interest you're earning on the deposits etc etc you know how many debit cards you have in credit cards everything is going to get tracked via ais i will give you the link in the description you can go and have a look at it things are changing fast so it is important for us to be aware okay i hope you found this information useful guys do subscribe to the channel if you have not done it already i'll see you in another video very soon till then take care bye