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The deadline to file your <keyword id="19948101" type="General" weightage="20" keywordseo="income-tax-returns" source="keywords">income tax returns</keyword> is approaching fast, and Sana is perplexed. All of 23, she's just started earning and working at an MNC, earning Rs 7,00,000 per annum, and can't figure out which <keyword id="20301439" type="General" weightage="20" keywordseo="tax-regime" source="keywords">tax regime</keyword> would work best for her. If you're having the same concerns and can't seem to wrap your head around the <keyword id="19935168" type="General" weightage="20" keywordseo="new-tax-regime" source="keywords">new tax regime</keyword>, here's a ready reckoner for you: When should I choose new tax regime? Think of choosing a tax regime as having to choose a friend in office. The <keyword id="8706677" type="General" weightage="20" keywordseo="old-tax-regime" source="Orion">old tax regime</keyword> is that aged, wise senior who has answers and hacks for everything. Want to get over with a boring project quickly? They will certainly have a trick up their sleeve! On the other hand, the new regime is far more chilled out, lax and is a no-nonsense person who wants nothing to do with long documents and longer meetings. The new regime was introduced in budget 2020 to simplify taxation, and offer lower rate of taxes as compared to the old regime. However, there's a catch. You cannot claim the 70+ exemptions and deductions that help bring down your taxable income and hence, reduce your tax liability. This option is exclusively available under the old tax regime. The main USP of this tax regime? Lower tax rates, and fuss of deductions! Consider this. If your income is within the range of Rs 5,00,000-Rs 12,00,000, and you have no investments, <keyword id="99916" type="General" weightage="20" keywordseo="house-rent-allowance" source="Orion">house rent allowance</keyword> (<keyword id="19944588" type="General" weightage="20" keywordseo="hra" source="keywords">HRA</keyword>), health/life insurance premiums or other such deductions to claim, the new tax regime would obviously make more sense to you, given the significant difference in tax liabilities (just 5% under new regime, and a whopping 20% in old regime for those in the Rs 5-6 lakh bracket!) <div type="image" title="Tax rates under old and new regime" msid="111685908" hostid="261"></div> So, if you're someone who hates complex tax calculations, wants minimal tax deductions, the new regime might just be for you! But remember, there are two conditions under which this new regime will be automatically chosen for calculating your taxes: <ul><li>If you keep procrastinating and don't file your <keyword id="6374875" type="General" weightage="20" keywordseo="ITR" source="Orion">ITR</keyword> till July 31, 2024</li><li>If you do not specifically opt for the old tax regime on your employer's HR portal</li></ul>Also, if you earn less than Rs 3,00,000 per annum, you are completely exempted from paying any tax at all. In the old regime, this basic limit is slightly lower at Rs 2,50,000. Also read: <a href="https://www.businessinsider.in/personal-finance/income-tax/all-you-need-to-know-about-the-new-tax-regime/articleshow/111578840.cms" data-type="tilCustomLink">All you need to know about the new tax regime</a> So, what do I get under this regime? Thanks to a rebate under Section 87A, if you earn up to Rs 7 lakh per annum, your tax liability (and Sana's as well) will effectively be zero. This is limited to Rs 5 lakh under the old regime. While a <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> of Rs 50,000 is available under both of them (so you can directly deduct Rs 50,000 from your total income before even beginning to calculate your tax liability), there are a lot more deductions and exemptions that this regime DOES NOT allow you to avail: <ul><li>Leave Travel Allowance (LTA)</li><li>House Rent Allowance (HRA) (Comes in handy if you're paying hefty rents in metros)</li><li>Interest on housing loan (on self-occupied property or vacant property)</li><li>Own contribution to NPS (If there's any)</li><li>Interest earned on savings bank A/Cs </li><li>Investments made in ELSS, PPF</li><li>Premiums paid towards life, health insurance policies</li></ul>As for the deductions that are allowed, that makes for a pretty small list: <ul><li>Transport allowances (only if you are specially abled)</li><li>Gifts of up to Rs 50,000</li><li>Employer’s contribution to your NPS account</li><li>Interest paid on home loan only on let-out property</li></ul>But that's the trade-off. You get to pay taxes at low rates, yes, but you also don't get to claim a whole lot other deductions. Notes CA Nitesh Buddhadev, "Which regime is beneficial for you depends upon the allowances and deduction available to you during a relevant financial year. So, if your total income from salary is Rs 10.5 lakh and if the aggregate of any of the deductions / allowances you can claim is less than Rs. 3.15 lakh, you should opt for the new tax regime. If you have not invested in multiple tax-savings scheme, the new regime will work better. So, don't make this decision in any haste. You can choose your tax regime only once in a financial year. And if your income from business or other professions, be even more careful, because this will then become a once in a lifetime choice for you (quite literally!). So, take a good hard look at your finances, and then decide what works best for you!

Confused about the new tax regime? Here's when you should opt for it

<ul><li>The property must be owned by the parent or relative to whom the rent is being paid.</li><li>The relative who is getting the rent should disclose it in his income tax file.</li><li>The municipal taxes on the property should be up to date, and a deduction can be claimed on the taxes paid.</li></ul>If you are employed, and receive a house rent allowance (<keyword id="115182" type="General" weightage="20" keywordseo="hra" source="Orion">HRA</keyword>) as part of your salary, you have the option to <a href="https://www.businessinsider.in/personal-finance/news/how-hra-exemption-can-help-you-save-tax-in-2023-24/articleshow/100014412.cms">claim a tax exemption on the HRA,</a> if you live in a rented house. However, it's important to note that this tax exemption is applicable only if you opt for the old tax regime. Even if you are living with your parents, or with a relative, and paying rent to them, you can claim HRA deduction. Here are five things to keep in mind in case you are paying <keyword id="15318001" type="General" weightage="20" keywordseo="rent-to-parents" source="Orion">rent to parents</keyword> or to a relative. Fair market value The rent has to be similar to the fair market value. “It cannot be very high or very low. One has to see that the rent that is being paid to the relative/parent is in consonance with the rent paid to an independent party to another independent party,” says Vivek Jalan, partner, Tax Connect Advisory. The property ownership detail The property must be owned by the parent, or relative to whom the rent is being paid. In case when the rent is paid to parents, the property must be owned by your parents. “It may be owned by one or both of your parents. So, you can deposit the money to any one of the parents in case of joint house ownership, or to the parent who is the legal owner of the house,” says Archit Gupta, founder and CEO, Clear, a fintech company. <keyword id="6580929" type="General" weightage="20" keywordseo="rent-agreement" source="Orion">Rent agreement</keyword> and receipts There has to be a rent agreement between you, and your parents/relative, and you need monthly rent receipts. The rent can be paid either through a transfer to a bank account, or through a cheque. One should also keep proof of payments made. The recipient has to disclose income The relative who is getting the rent should disclose it in his income tax file for taxation purposes. “The Income Tax department can check through data analytics whether the rental income has been declared,” says Jalan. The income should also be declared under ‘Income from house property’. “If it is declared as ‘Income from other sources,’ a red flag will be raised, and also the deduction on taxes paid will not be available,” says Jalan. Further, the municipal taxes should be up to date, and a deduction can be claimed on the taxes paid,” says Jalan. The person who receives rent is entitled to claim a deduction of 30% on the rental income for repair or renovation purposes. Disclose to employer Employees should disclose the rent paying arrangement to the employers as soon as possible, and not wait for the employer to ask for details. If they do not do that, TDS will be deducted, and they will have to claim a refund later.

Claiming tax exemption showing rent paid to relatives? Five things to keep in mind

<ul><li><keyword id="115182" type="General" weightage="100" keywordseo="hra" source="Orion">HRA</keyword> exemption is available only if you are living in a rented house and opt for the old tax regime. </li><li>If the rent is more than ₹1 lakh per annum, then the PAN of the landlord must be submitted. </li><li>You can claim both HRA and deduction on home loan interest if you fulfil certain conditions.</li></ul> If you are a salaried employee, you may be receiving a house rent allowance (HRA) as part of your salary. If you live in a rented house, you can claim an HRA exemption from taxes. However, remember that the tax exemption is available only if you choose the old tax regime. <cmsannotation type="cmsannotation" annotationid="How is tax exemption under HRA calculated" comment="subhead" text="How is tax exemption under HRA calculated">How is tax exemption under HRA calculated</cmsannotation> The deduction available is the minimum of the following: <ul><li>Actual HRA received</li><li>50% of basic salary for those living in metro cities (Delhi, Kolkata, Mumbai or Chennai) and 40% for those living in non metros</li><li>Actual rent paid minus 10% of basic salary </li></ul>To calculate your HRA deduction, you may use the HRA deduction <a href="https://incometaxindia.gov.in/Pages/tools/house-rent-allowance-calculator.aspx">calculator </a>available on the <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword> website. <cmsannotation type="cmsannotation" annotationid="Documents required to claim HRA tax exemption" comment="subhead" text="Documents required to claim HRA tax exemption">Documents required to claim HRA tax exemption</cmsannotation> In order to claim a deduction for house rent allowance, the employee needs to provide her employer with documents such as rental agreements and rent receipts. “If the payment of rent is more than ₹1 lakh per annum, then the permanent account number (PAN) of the landlord must be submitted. Based on these proofs, employers will provide exemption for HRA in Form 16,” says Archit <keyword id="6356160" type="General" weightage="50" keywordseo="gupta" source="Orion">Gupta</keyword>, founder and chief executive officer of fintech company Clear. <cmsannotation type="cmsannotation" annotationid="You can claim deduction even when your employer doesn’t pay HRA" comment="subhead" text="You can claim deduction even when your employer doesn’t pay HRA">You can claim deduction even when your employer doesn’t pay HRA</cmsannotation> If an individual pays rent for living in a residential accommodation but does not receive an HRA from her employer, she can still claim the deduction under section 80GG of the <keyword id="6354751" type="General" weightage="50" keywordseo="income-tax" source="Orion">Income Tax</keyword> Act. However, some conditions need to be fulfilled to claim this deduction. First, you must be self employed or salaried and must not have received HRA any time during the year in which you are claiming 80GG. “The other condition is that you or your spouse or your minor child do not own any residential accommodation at the place where you currently reside, perform duties of office, or employment or carry on business or profession,” says Gupta. <cmsannotation type="cmsannotation" annotationid="You can claim HRA if you live with parents" comment="subhead" text="You can claim HRA if you live with parents">You can claim HRA if you live with parents</cmsannotation> If you are living in your parent’s house, you can also claim HRA. “To claim HRA, you have to enter into a rental agreement with your parents and transfer money to them every month as rent. Your parents need to report the rent received from you as income in their income tax returns,” says Gupta. If their other income is below the basic exemption limit or taxable at a lower tax slab, they can save tax on the family income. <cmsannotation type="cmsannotation" annotationid="You can claim both HRA and deduction of home loan interest" comment="subhead" text="You can claim both HRA and deduction of home loan interest">You can claim both HRA and deduction of home loan interest</cmsannotation> If you have a home loan, you can claim both HRA and also the tax benefits that you are eligible to claim if you have a home loan, even if both the houses are in the same city. “For this, you need to prove that the house for which you are paying rent and the house for which you are paying home loan are at different places,” says <keyword id="16333858" type="General" weightage="50" keywordseo="suneel-dasari" source="Orion">Suneel Dasari</keyword>, founder and CEO, EZtax.in, a tax portal. There must be sufficient reasons for not residing in a self-owned house. The possible reasons could be that you have availed a loan for a house but live in a rented accommodation in another city. You may also live in the same city in a rented accommodation for reasons such as work or children’s schooling. Also, the home you have purchased can be under construction and you may be living on rent elsewhere. You may also have rented out your own house and live elsewhere. Such claims are frequently scrutinised by Income Tax officials, who may reject part of the claim if they are dissatisfied, particularly if the claimed amount is relatively high. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/the-vivo-zeiss-story-how-a-covid-time-collab-led-to-the-creation-of-the-x90-series/articleshow/100013619.cms">The Vivo-Zeiss story: How a Covid-time collab led to the creation of the X90 series</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-nifty50-tumble-over-1-on-sell-off-in-hdfc-twins/articleshow/100013793.cms">Sensex, Nifty50 tumble over 1% on sell-off in HDFC twins</a>

How HRA exemption can help you save tax in 2023-24

January is usually the time when salaried employees have a deadline to submit the details of the exemptions they would seek while paying the income tax for the full year. This would include the calculation for house rent allowance, which many find to be complicated. Here is a simple explainer on how to calculate the exemption available on house rent allowance for the purpose of income tax. House Rent Allowance (HRA) is provided to an employee to cut down the income tax liability. The entire HRA cannot be deducted from the taxable income as the rules clearly lay out the parameters to be considered. Depending on what the HRA component of your salary is, the deduction from taxable income will be the lowest of the following: <ol><li>Actual HRA component of salary</li><li>50% of basic salary if he resides in metro cities (Delhi, Chennai, Kolkata, or Mumbai) or 40% of basic salary if his residence is in any other city</li><li>Actual rent paid less 10% of basic salary</li></ol>Here is an example to understand the process. <table style="width: 212pt;"> </colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:119pt">Detail</td> <td class="xl64" style="border-left-width: initial; border-left-style: none; width: 93pt;">Annual amount</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Basic salary (before HRA, conveyance, LTA etc.)</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹50000</td> </tr> <tr> <td class="xl67" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">HRA set by the company</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹21600</td> </tr></tbody></table> Assuming the person lives in one of the 4 metro cities, and pays a rent of ₹20,000 a month, the deduction from taxable income will be the lowest of the following figures: <table style="width: 548pt;"> </colgroup> <tbody><tr> <td class="xl66" style="height:15.0pt;width:202pt">Detail</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 215pt;">Amount</td> <td class="xl68" style="border-left-width: initial; border-left-style: none; width: 131pt;">Actual deduction available</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Actual HRA set by the company</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹21600 * 12 = ₹259200</td> <td class="xl70" style="border-bottom: 1pt solid black; border-top-width: initial; border-top-style: none;">₹129600</td> </tr> <tr> <td class="xl69" style="height: 15pt; border-top-width: initial; border-top-style: none;">Rental accommodation in metro cities</td> <td class="xl65" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> 50% * ₹21600 * 12 = ₹129600</td> </tr> <tr> <td class="xl71" style="height: 15.75pt; border-top-width: initial; border-top-style: none;">Actual rent minus 10% of basic salary</td> <td class="xl72" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">(₹20000 * 12) - (10% * ₹21600 *12) = ₹214080 </td> </tr></tbody></table> You can calculate the exact amount applicable to you by replacing the figures with the ones mentioned in your salary statement. If you live in a non-metro, then the deduction available will be 40% * ₹21600 * 12 = ₹103,680. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2020-new-income-tax-slabs-proposed-by-direct-tax-code-panel/articleshow/73317952.cms" data-type="tilCustomLink" target="_blank">New income tax proposed by a government panel wants a 35% slab, says a report</a> <a href="https://www.businessinsider.in/income-tax-slabs-for-2020-and-cuts-proposed-by-finance-minister-nirmala-sitharaman-in-next-budget/articleshow/72975148.cms" data-type="tilCustomLink" target="_blank">Income tax cuts and new tax slabs ⁠— here’s how Indian Finance Minister Nirmala Sitharaman wants to make people shop more</a>

How to calculate house rent allowance while computing income tax

With the last date to file your <keyword id="22335084" type="General" weightage="20" keywordseo="IT-returns" source="keywords">IT returns</keyword> inching closer every passing day, it's time you choose your <keyword id="19901478" type="General" weightage="20" keywordseo="income-tax" source="keywords">income tax</keyword> regime-whether you want to opt for the old one or go for the new regime. But why is it important to make this choice carefully? Under what circumstances can the <keyword id="19935168" type="General" weightage="100" keywordseo="new-tax-regime" source="keywords">new tax regime</keyword> benefit you, and how does it differ from the old <keyword id="20301439" type="General" weightage="20" keywordseo="tax-regime" source="keywords">tax regime</keyword>? Let's find out all about it The new tax regime was introduced in <keyword id="22335085" type="General" weightage="20" keywordseo="Budget-2020" source="keywords">Budget 2020</keyword> as a means to simplify tax calculations and offer concessional tax rates. So, unless you do not categorically opt for the old tax regime, the new tax regime is assumed as default, and hence, your income tax liability is calculated according to it. Also, if you fail to file your taxes till 31st July, you will have to go ahead with the new tax regime, since the option to choose old regime will not be available anymore. <h2> What are the tax rates under the new regime? </h2>Here's a quick snapshot of the applicable tax rates under the new regime: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Income Slab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rates under the new tax regime </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Up to Rs 2.5 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Exempt </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Over Rs. 2.5 lakh to Rs. 3 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Over Rs. 3 lakh to Rs. 5 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Over Rs. 5 lakh to Rs. 6 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Over Rs. 6 lakh to Rs. 9 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Over Rs. 9 lakh to Rs. 10 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Over Rs. 10 lakh to Rs. 12 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Over Rs. 12 lakh to Rs. 15 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Above Rs. 15 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr></tbody><tbody></tbody></table> <h2>What deductions does the new tax regime offer?</h2> Unlike its old counterpart, which had over 70 exemptions and deductions to bring down an individual's taxable income and hence, their tax liability, the new regime does not offer much deductions. Except for a <keyword id="20429578" type="General" weightage="20" keywordseo="standard-deduction" source="keywords">standard deduction</keyword> of Rs 50,000 and deductions for employer's contribution to your <keyword id="19919089" type="General" weightage="20" keywordseo="NPS" source="keywords">NPS</keyword>, there are only a handful of deductions allowed, which include: Transport allowance (if the individual is specially abled) Conveyance allowance (to meet cost of travel and tour) Perquisites for official purposes Interest on home loan paid for a rented property Then, there are specific exemptions with regards to voluntary retirement, leave encashment and gratuity that you can also avail under the old regime. The new regime offers a rebate of Rs 25,000 on income of up to Rs 7,00,000. This means that anyone whose total taxable salary does not exceed Rs 7 lakh annually can claim a rebate of up to Rs 25,000. But remember, you will not be able to avail common exemptions and deductions that are available under the old regime, which include health insurance premiums, investments in tax-saving FDs, ELSS, house rent agreement (HRA), leave travel allowance (<keyword id="20091793" type="General" weightage="20" keywordseo="lta" source="keywords">LTA</keyword>), PPF, EPF and more. So, if you live on rent, or are diligently saving your hard earned money across mutual funds, PPF and more, the new regime will not have much to offer you. <h2>When can new tax regime be better for you? </h2>But in case you do not want excessive deductions from your income, the new tax regime works better for you. It is simple and straightforward, and can work well for those who do not want to face documentation hassles while filing their ITR, since the old regime demands multiple investment proofs. Also, if your income is up to Rs 5,00,000, you can choose the new tax regime, given that the basic exemption limit (income up to which one does not need to pay any taxes) is slightly higher in new regime at Rs 3,00,000, as compared to Rs 2.5 lakh in old regime. Experts also note that if the total of all your deductions does not exceed Rs 1.5 lakh, new regime could be better for you. However, do not make this decision simply by looking at low tax rates. Assess your outflows and then the deductions and exemptions you are eligible under both the regimes. It is a good idea to also compare your income under both the regimes using IT department's tax calculator. Only then, take a final call.

All you need to know about the new tax regime

It's officially tax season! With the July 31st deadline less than 30 days away, it's time to get started on your <keyword id="19897621" type="General" weightage="20" keywordseo="ITR" source="keywords">ITR</keyword>, if you haven't already. By now, most of your employers must have given you a certain Form-16, which is a crucial document you need to have handy while filing your returns. But in case you have not received Form-16 from your employer, there's no escaping filing your taxes. Let us understand how you can file your ITR, with or without Form-16 <h2>What if I have <keyword id="20675983" type="General" weightage="100" keywordseo="Form-16" source="keywords">Form 16</keyword>?</h2> Then you're in luck because you don't have to calculate your tax liability on your own. Form-16 offers you a comprehensive breakdown of your <keyword id="20039947" type="General" weightage="20" keywordseo="salary" source="keywords">salary</keyword>, your taxable <keyword id="20385232" type="General" weightage="20" keywordseo="deductions" source="keywords">deductions</keyword>, and the <keyword id="19948097" type="General" weightage="20" keywordseo="TDS" source="keywords">TDS</keyword> that has been deducted from your income during the year. While the first part of Form-16 contains details of your employer, (their PAN, TAN), it is the second part of Form-16 that is helpful. Here, you'll get a snapshot of your salary, the deductions you've claimed, and your total taxable income after this. So, in case you have invested in <keyword id="103549" type="General" weightage="20" keywordseo="ELSS" source="Orion">ELSS</keyword>, paid health and life insurance premiums, or there are contributions (which you and your employer have made) to a pension scheme, they will all be mentioned in Form 16. This form will also help you see how much tax you have to pay or what is the <keyword id="21144782" type="General" weightage="20" keywordseo="tax-refund" source="keywords">tax refund</keyword> due to you. Long story short, you don't have to go around collecting multiple documents and calculating your tax liability yourself if you have Form 16 handy. Here are a few things you should remember about Form 16: <ul><li>Generally, employers issue Form-16 before June 15th of every year </li><li>If you have changed jobs during the year, be sure to ask both your current and previous employer for Form 16. </li></ul>Here's how you can download your Form-16 from the <keyword id="1258217" type="General" weightage="20" keywordseo="TRACES" source="Orion">TRACES</keyword> (TDS Reconciliation Analysis and Correction Enabling System) website <ul><li>Visit the <a href="https://contents.tdscpc.gov.in/" data-type="tilCustomLink">TRACES </a>site. </li><li>If you are a new user, create a new account. If you are a registered user, fill in your PAN number (User ID) and password to log in. </li><li>Click on Downloads and choose Form 16. </li><li>Select the financial year for which you need Form 16 (in this case, FY 2023–24). </li><li>Verify your PAN details. </li><li>Enter your TDS receipt number and select the TDS date. </li><li>Add the total TDS that has been collected from you during FY. </li><li>Click on the request to download.</li></ul>And your Form-16 is ready. Note that here's how you can get your TDS receipt number: <ul><li>Visit the IT e-filing portal and login to your account </li><li>Select TDS. </li><li>View the filed TDS option on the dashboard. </li><li>Click on the token number. </li><li>Download the provisional receipt.</li></ul><h2>What if you don't have Form 16?</h2>This is where things can get a little tricky. While you can still download Form-16, there's another, manual way to figure out your tax liability. Remember, if your annual income does not exceed the basic exemption limit (Rs 2.5 lakh under the old regime, Rs 3 lakh under the new tax regime), no TDS will be deducted, and hence, no Form 16 will be issued. Here's what you can do in case your employer does not issue a Form 16 : <ul><li>Download all the payslips issued by your employer during the financial year, and see your taxable income. </li><li>Download Form 26AS to match tax deductions. Form 26AS can be downloaded via the IT portal. </li><li>To get your Form 26AS, log on with your account credentials, go to the e-file tab, click IT returns, and select Form 26AS. </li><li>Make a list of all deductions you'll claim (health, life insurance premiums, interest on home, educational loan, investments in ELSS, etc.) </li><li>Include your income from other sources as well, like capital gains on the sale of shares, property etc. </li><li>Check if you are eligible to claim HRA (house rent allowance), to further bring down your tax liability. </li><li>Once you have figured out your tax liability, file for a refund (in case you have paid excess TDS), or pay the deficient amount. </li></ul>Also Read <a href="https://www.businessinsider.in/finance/tax/article/wondering-which-itr-form-is-right-for-you-know-all-about-it-here/articleshow/111406215.cms" data-type="tilCustomLink">Wondering which ITR form is right for you? Know all about it here</a> <a href="https://www.businessinsider.in/personal-finance/income-tax/article/budget-2024-raise-standard-deduction-limit-and-more-whats-in-store/articleshow/111424832.cms" data-type="tilCustomLink">Budget 2024: Increase standard deduction, exemptions and more, an aam aadmi's wishlist</a>

Decoding Form 16: How do you file your taxes if you don't get Form 16?

<ul><li>When you join a <keyword id="167744" type="General" weightage="20" keywordseo="new-job" source="Orion">new job</keyword>, inform your new employer about your previous <keyword id="10876" type="General" weightage="20" keywordseo="salary" source="Orion">salary</keyword> details. </li><li>In your <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> return you have to disclose incomes from both employers. </li><li>If your new employer has not deducted TDS, you should advise the employer to do so. </li></ul>If you have changed your job recently, any time before 31 March 2023, you need to be more careful when filing your taxes. This is because you had a salary from the previous employer, and then, almost immediately or with a gap, you have also drawn a salary from your new employer. <cmsannotation type="cmsannotation" annotationid="Disclose your previous salary details" comment="subhead" text="Disclose your previous salary details">Disclose your previous salary details</cmsannotation> When someone switches jobs, the new organisation assumes that it is their first employment during the year, and thus they may not consider the older employer salary, and tax deduction, while doing their income and tax computation. “Therefore they give the employer benefits of standard deduction, basic exemption limit, <keyword id="13075797" type="General" weightage="20" keywordseo="80c-deduction" source="Orion">80C deduction</keyword> etc all over again, even though it has been considered by the previous employer,” says Archit Gupta, CEO, Clear, a Fintech company. This leads to incorrect computation of income, as well as taxes. ““In his income <keyword id="102735" type="General" weightage="20" keywordseo="tax-return" source="Orion">tax return</keyword> an employee has to disclose incomes from both employers, aggregate the amount, and get deductions under one category only," says Ved Jain, founder, Ved Jain Associates, a tax consultancy firm. Similarly, when you are claiming HRA etc, you need to take the salary aggregate into consideration, so that your calculator of tax is appropriate. Jain says that when you join a new job you are supposed to inform your employer about your previous employer, and share details of the salary that you have received during the year from the previous employer. Then the tax will be deducted at an appropriate rate. <cmsannotation type="cmsannotation" annotationid="Check if your employer is deducting TDS" comment="subhead" text="Check if your employer is deducting TDS">Check if your employer is deducting TDS</cmsannotation> If his income is taxable, he employee should be careful and check if his employer has deducted TDS from his salary slip. “If the employer has not deducted tax at source which he was supposed to deduct, he should advise the employer to deduct tax at source and in case that is not done he should pay advance taxes,” says Jain. Otherwise, he may have to pay a huge amount of taxes at one go, and also pay interest under section 234B and 234C. <cmsannotation type="cmsannotation" annotationid="What to do if an employer is deducting TDS but not submitting to the Government?" comment="subhead" text="What to do if an employer is deducting TDS but not submitting to the Government?">What to do if an employer is deducting TDS but not submitting to the Government?</cmsannotation> In rare cases if the employer deducts TDS and does not pay to the Government, then the employee is losing that entire money for which he has already paid taxes. What is the remedy? “The employee can find out from his salary slip that the TDS has been deducted, but it will not reflect in his form 26AS. The employee can then raise a complaint on the income tax portal to his jurisdiction officer that such and such entity had deducted his taxes, but not paid it to the Government. His jurisdiction officer is duty bound to raise this to the employer’s jurisdiction officer, and recover the money from the employer, or take prosecutory action against the employer,” says Vivek Jalan, partner, Tax Connect Advisory. Hence, disclosing your income from both employers, and computing taxes accordingly is important, if you have changed jobs in the last financial year.

Changed your job in the last financial year? Here’s how to get your tax filing in place

<ul><li>If you have a <keyword id="6354730" type="General" weightage="20" keywordseo="home-loan" source="Orion">home loan</keyword> you can claim both maximum principal and interest rate deductions, you can save more taxes under the <keyword id="8706677" type="General" weightage="20" keywordseo="old-tax-regime" source="Orion">old tax regime</keyword>. </li><li>Consider consolidated deductions before making a decision. </li><li>Key in your details and available deductions in a tax calculator to know which regime is more suitable. </li></ul>Budget 2023-24 tweaked slabs under the new tax regime and also made it the default tax regime. So, if one wants to stay in the old tax regime and take the benefit of various deductions available, they need to opt for the old tax regime. Employers have now set deadlines for employees to register their choice of a tax regime by the end of April, so those who want to opt for the old tax regime, need to decide soon. While tweaked tax slabs has made the new tax regime more attractive, especially since one does not have to go through the hassle of claiming deductions, when you have a home loan, there is still merit in the old tax regime. A home loan can significantly affect your eligible tax deductions The decision to move to the old tax regime from the new tax regime should be based on a thorough analysis of your overall tax liability under both regimes. “While the new tax regime offers lower tax rates, it does not provide certain deductions and exemptions that are available under the old tax regime, including deductions under section 80C for home loan principal repayment,” says Atul Monga, chief executive officer and co-founder, Basic Home Loan. Under the old tax regime, you can also claim a deduction up to ₹2 lakh on the interest of your home loan if you are self-occupying the house. This will tilt your decision in favour of the old tax regime. “The taxpayer's home loan status has a significant impact on the decision between the old and new tax regimes. The highest amount of home loan interest that can be claimed against any other income, including salary, is ₹2 lakh. If a taxpayer has a home loan, as well as an 80C deduction of ₹1.5 lakh and a standard deduction of ₹50,000, they can save more money on taxes under the old tax regime,” says Suneel Dasari, founder and CEO Eztax.in, a tax filing portal. Consider consolidated deductions before making a decision “You can’t look at just the home loan interest and the principal repayments standalone because the consolidated deductions are to be seen to see whether one regime works better or the other. The level of income also needs to be considered,” says Tapati Ghose, partner, Deloitte India. Let us consider a situation when you do not have any other deduction, but just a home loan for self-occupied property where you can claim ₹2 lakh deduction as interest payment and ₹1.5 lakh as deduction under section 80C on principal repayment. “Here, if you have an income of ₹8 lakh (before considering the standard deduction of ₹50,000, which is available both under the old and new regime), then at a deduction of more than ₹1,62,500, the old regime becomes more beneficial. At ₹10 lakh income, ₹2.5 lakh is the threshold beyond which the old regime becomes more beneficial. At ₹15 lakh, ₹3.58 lakh is the threshold beyond which the old tax regime becomes more beneficial,” says Ghose. Also, in another example, let us consider annual incomes of ₹15 lakh and ₹20 lakh and deduction of ₹2 lakh for interest payment on a home loan under the old tax regime. If we also factor in ₹20,000 as house rent allowance (HRA) deduction, ₹50,000 as standard deduction, ₹1.5 lakh as deduction under section 80C, and a deduction of ₹50,000 under section 80D, one ends up paying ₹19,420 and ₹14,040 less tax respectively when compared to the new tax regime. “Especially in the initial years of taking a home loan, the interest payments are very high and I would have the capacity to exhaust the ₹2 lakh limit, then I would definitely go for the old regime. But as we go towards the end of the tenure of the housing loan, then the interest comes down. Then one needs to look at their income levels and see these thresholds where the old regime is more beneficial,” says Ghose. There are calculators available online where you can key in all the required details and available deductions to arrive at a decision. SEE ALSO <a href="https://www.businessinsider.in/finance/news/rbi-bats-for-borrowers-releases-guidelines-to-lenders-from-levying-penal-interest-on-loan-defaults/articleshow/99461008.cms">RBI bats for borrowers, releases guidelines to prevent lenders from levying penal interest on loan defaults</a> <a href="https://www.businessinsider.in/finance/banks/news/interest-on-home-loans-of-75-lakh-and-above-can-increase/articleshow/99397263.cms">Looking for a home loan of ₹75 lakh or above? The RBI rate hike pause might not bring you relief</a>

Have a home loan? You may want to opt for the old tax regime

<ul class="summary-list"><li>Hannah Huang is graduating this spring from the Weill Cornell/Sloan Kettering/Rockefeller MD-PhD Program; Noelle Sun is a graduate of the New England College of Optometry and a practicing optometrist in New York City.</li><li>To protect yourselves and others at this time, they recommend getting insurance if you do not have it already and making a plan in case you or a loved one gets sick. </li><li>There are a lot of insurance options to consider for low-income patients, but hospitals are offering options for those with <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> who do not have coverage.</li></ul><ul class="summary-list"><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>The COVID-19 pandemic has filled hospitals, moved clinics online, and changed the way we think about our health. If you are uninsured, you may wonder what to do if you or a family member becomes sick, especially if you do not have a family <keyword id="6355082" type="UNKNOWN" weightage="60" keywordseo="Doctor">doctor</keyword> and are trying to navigate the new policies that advertise free testing and treatment but contain gaps in coverage.Here's a quick guide to make a plan to implement immediately; many of these resources focus on New York City, but analogous resources are available in most places.First, explore your <keyword id="6362363" type="UNKNOWN" weightage="60" keywordseo="health-insurance">health insurance</keyword> options so that if you get sick you'll be able to focus on your health and not on the costs. Next, regardless of whether you become insured, figure out your <keyword id="6354525" type="UNKNOWN" weightage="60" keywordseo="healthcare">healthcare</keyword> options so that you're prepared the moment you or a loved one gets sick.<h2>1. Before you get sick, explore health insurance options right now</h2>Why is it important to consider insurance coverage? Having access to affordable healthcare protects both you and those around you. Studies have shown that <a href="https://www.kff.org/uninsured/fact-sheet/what-issues-will-uninsured-people-face-with-testing-and-treatment-for-covid-19/">people who do not have insurance tend to delay testing and treatment</a>. In this pandemic, that means more people get sick.To make matters worse, if you get sick, costs can add up quickly without insurance. <a href="https://www.healthsystemtracker.org/brief/potential-costs-of-coronavirus-treatment-for-people-with-employer-coverage/">A single hospital admission without insurance may cost $10,000 to $20,000</a>, potentially <a href="https://www.cnbc.com/2020/04/01/covid-19-hospital-bills-could-cost-uninsured-americans-up-to-75000.html">even higher</a>. In comparison, consider this example of insurance coverage for an individual living in Queens County:Bronze plan ($4225 deductible/$8150 max out of pocket): $437.42/mo With financial assistance for an income of $30k/year: $16.59/moSilver plan ($1875 deductible/$8150 max out of pocket): $619.46/mo With financial assistance for an income of $30k/year: $198.63/moEnrolling in an insurance plan like these would cap the healthcare costs for which you are responsible and protect you and your family from medical debt if you become hospitalized.There are several options for health insurance, and even ones that overlap.Option 1: Find out if you are eligible for Medicaid It's available to those who have limited income, are disabled, or are unemployed. For example, a single individual in New York qualifies with an annual income of under $17,609. A couple without children qualifies at $23,792. State Medicaid contact information is available from <a href="https://www.medicaid.gov/about-us/contact-us/contact-your-state-questions/index.html">this list</a>.<div type="image" title="Hannah Huang" height="822" width="1096" msid="75414803" hostid="261"></div>Tip: Though <a href="https://www.health.ny.gov/health_care/medicaid/">the New York website</a> (view the link on a desktop) says to contact the <a href="http://www.nyc.gov/html/hra/html/home/home.shtml">Human Resources Administration</a> by calling (718) 557-1399, HRA is currently directing people to contact an enrollment specialist at (855) 355-5777. As wait times are long right now, it is best to call as soon as the line opens at 8 a.m. ET Monday through Friday.Option 2: If you don't qualify for Medicaid, find out if your state has temporarily <a href="https://www.aarp.org/health/health-insurance/info-2020/coronavirus-aca-open-enrollment.html">reopened its health insurance enrollment period </a>or if you qualify for a <a href="https://www.healthcare.gov/glossary/special-enrollment-period/">Special Enrollment Period</a> (for example, due to job loss). This will allow you to sign up for insurance right now.Currently, California, Colorado, Connecticut, Maryland, Massachusetts, New York, Vermont, and Washington are open until sometime between April 30th and June 30th. Find your state website <a href="https://www.healthcare.gov/">through this portal</a>.<a href="https://www.health.ny.gov/press/releases/2020/2020-03-16_nysoh_special_enrollment_period.htm">New York has re-opened its enrollment period </a>from March 16 to May 15 so that eligible individuals can obtain insurance via the <a href="https://nystateofhealth.ny.gov/">NY State of Health Marketplace</a>.Tip: Be sure to enter your income into the financial help calculator to see if you qualify for income-based assistance in lowering your premium. For example, if you make less than $25,000 a year, you can enroll in a bronze level plan at no cost. <div type="image" title="Noelle Sun" height="930" width="1240" msid="75414805" hostid="261"></div>Option 3: If you are recently unemployed and lost your employer-covered health plan, you may qualify for <a href="https://www.healthcare.gov/unemployed/cobra-coverage/">COBRA</a> coverage. COBRA allows you to keep the plan that you had prior to losing your job for a temporary period of up to 18 months. Note that you may be responsible for the entire cost of your insurance premium without your employer's contribution. If you worked for an <a href="https://www.dol.gov/sites/dolgov/files/legacy-files/ebsa/about-ebsa/our-activities/resource-center/faqs/cobra-continuation-health-coverage-consumer.pdf">eligible workplace</a>, your employer should provide you with application instructions within 14 days of job termination, and you have 60 days after termination to apply for it.If COBRA doesn't turn out to be an option, other options for newly unemployed individuals include Medicaid and the health insurance marketplaces (Options 1 and 2).Once you are enrolled in insurance, there are a few key things you must do:<ol><li>Understand your insurance policy: including the <a href="https://www.healthcare.gov/blog/understand-health-insurance-definitions/">costs that will be your responsibility</a> and <a href="https://marketplace.cms.gov/outreach-and-education/what-you-should-know-provider-networks.pdf">which providers are in your network</a>.</li><li>Establish a primary care physician: preferably over telehealth so that you can do it from home. Note that many practices are not accepting new patients at this time.</li><li>Identify hospitals that are in your network: these are places that take your insurance. This way, you know where to go if you need it. Note that if you go to a hospital that is out-of-network, your out-of-pocket cost may be significantly higher.</li></ol><h2>2. Make a plan for if you get sick</h2>Whether you get sick with COVID-19 or another illness, it's important to have a plan in place so that you know where to go and what to expect.<h3>If you are worried that you may have COVID-19: </h3>Is testing and treatment free? It is important to seek testing and treatment if you think you have symptoms of COVID-19. Note, however, that<a href="https://www.pbs.org/newshour/health/how-uninsured-patients-can-get-help-during-covid-19-pandemic"> the message that COVID-19 testing is free</a> is oversimplified, and where you go to get tested will affect whether you have to pay. While federal funding of free testing to uninsured individuals <a href="https://www.congress.gov/bill/116th-congress/house-bill/6201">is available for states</a>, how and whether individual providers access this funding varies locally. In addition, patients may find themselves responsible for the costs of <a href="https://www.healthaffairs.org/do/10.1377/hblog20200413.783118/full/">additional diagnostic tests and office visits where virus testing is not done</a>. Even insured individuals may still<a href="https://www.kff.org/coronavirus-policy-watch/free-coronavirus-testing-for-privately-insured-patients"> be responsible for some out-of-pocket costs</a>.Note also that while the federal government has announced that part of the stimulus bill will go towards COVID-19 treatment for individuals who are not insured, the <a href="https://www.whitehouse.gov/briefings-statements/remarks-president-trump-vice-president-pence-members-coronavirus-task-force-press-briefing-17/">details are still being worked out</a>. It is possible that parts of medical care or follow-up<a href="https://www.kff.org/uninsured/issue-brief/estimated-cost-of-treating-the-uninsured-hospitalized-with-covid-19/"> will not be covered; outpatient clinic visits</a> and <a href="https://www.nytimes.com/2020/04/03/upshot/trump-hospitals-coronavirus.html">any non-COVID-19 care will also not be covered</a>. For insured individuals, many major insurers<a href="https://www.ahip.org/health-insurance-providers-respond-to-coronavirus-covid-19/"> are waiving some or all costs of treatment for COVID-19</a>.What if I have symptoms of COVID-19? If you develop symptoms such as fever, cough, or shortness of breath, the Centers for Disease Control and Prevention have released <a href="https://www.cdc.gov/coronavirus/2019-ncov/if-you-are-sick/steps-when-sick.html">guidelines</a> for steps to take if think you might have the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword>. Check your <a href="https://coronavirus-astho.hub.arcgis.com/">state's COVID-19 website </a>for local resources. In New York City, for example, more specific resources are available <a href="https://www1.nyc.gov/assets/doh/downloads/pdf/imm/coronavirus-factsheet.pdf.">in this fact sheet</a>.Scenario 1: If you are uninsured or obtained insurance but have not established a primary care physician, call your local COVID-19 hotline (<a href="https://coronavirus-astho.hub.arcgis.com/">this site has a map with links to state hotlines and websites</a>; the NYC Department of Health hotline is 1-888-364-3065). The hotline will be able to direct you to an appropriate testing or treatment site. Be sure to clarify whether the testing location they direct you to provides free testing. Note that some testing locations, such as urgent care clinics, may bill you for testing if you are uninsured or if they do not accept your insurance.Scenario 2: If you were able to obtain insurance and establish care with a primary care physician, they will be your point of contact and will be able to order testing or direct you to a testing site if needed. Be sure to check your policy's coverage for COVID-19 testing and treatment, as well as for related tests like X-rays, CT scans, and labs.<h3>If you are sick for any reason:</h3>If you have an emergency: Call 911 or go to your nearest emergency department. You will receive treatment regardless of your ability to pay. However, if there are multiple facilities near you, you may be able to minimize your costs if you research hospitals near you beforehand. Some may be more accommodating for those without insurance if you remain uninsured, and if you have insurance, you'll want to know which ones are in your network.Note that if you do end up in the hospital and your hospital stay is not covered by insurance, you may be eligible for <a href="https://www1.nyc.gov/assets/ochia/downloads/pdf/fly-957-emergency-medicaid-english.pdf">Emergency Medicaid</a> or financial assistant from the hospital.If you are sick but it is not an emergency: Option 1: If you are an established patient, see if your primary care physician is providing telehealth services. Some clinics may be able to take new patients, but many, including clinics within New York City's public health system, are currently unable to do so. Option 2: Consider a virtual urgent care visit. Many hospitals and urgent care walk-in clinics have recently added telemedicine services and are now providing virtual visits from your phone or computer. Hospital and clinic websites usually provide pricing information for patients not using insurance, though many insurances are accepted.The following are some virtual visit locations available to those who live in New York City (prices noted without insurance):<ul><li><a href="https://www.mountsinai.org/appointment/telehealth-ms-now">Mount Sinai</a>: $25</li><li><a href="https://www.nyp.org/ondemand/urgent-care">New York Presbyterian</a>: $49</li><li><a href="https://www.gohealthuc.com/nyc/virtual-visits">Northwell Health</a>: $75</li><li><a href="https://nyulangone.org/locations/virtual-urgent-care">NYU Langone</a>: $126 (plus additional fees if other services are provided)</li></ul>Option 3: Some urgent care clinics are still offering in-person urgent care. For example, <a href="https://www.nychealthandhospitals.org/services/expresscare/">ExpressCare</a>, which is part of NYC's public hospital system, is open and operates on a sliding scale based on your income.General tip: If cost is a factor, note that your visit costs may be affected by the physicians who see you, the procedures that are performed, and the medications that you are prescribed. Be sure to check what your insurance covers and mention your concerns to your healthcare team. They may be able to work with you to make a care plan that takes those concerns into account.<h2>The US healthcare system is hard to navigate, but it might improve</h2>The US healthcare system is expensive and difficult to navigate in the best of times. A pandemic makes it <a href="https://time.com/5806312/coronavirus-treatment-cost/">even more challenging</a>, especially with policies that continue to evolve. For example, in New York State, Governor Andrew Cuomo recently announced a <a href="https://www.governor.ny.gov/news/amid-ongoing-covid-19-pandemic-governor-cuomo-announces-new-hospital-network-central">public-private hospital coordination</a> to share resources and move patients across hospitals. While this policy is designed to help more patients get the care they need, it is not yet clear how this will affect insurance and billing, which is not uniform across hospitals. We will post updates <a href="https://docs.google.com/document/d/1bk8P7roMO7UvEz-QBddHMI1VJzIjELkpNCjO-6APwJg/edit?usp=sharing">here</a> as we learn about them, but keep an eye out for <a href="https://www.kff.org/health-costs/issue-brief/state-data-and-policy-actions-to-address-coronavirus/">local and national policy changes</a> that could affect your medical plan.Hopefully our experiences in the COVID-19 pandemic will inspire positive, durable changes in our healthcare system. Meanwhile, explore your insurance options, make a plan, and stay home when you can.Hannah Huang is graduating this spring from the Weill Cornell/Sloan Kettering/Rockefeller MD-PhD Program. She is interested in delivering healthcare to underserved populations and was an executive co-director at the Weill Cornell Community Clinic, which serves uninsured individuals in New York City.Noelle Sun is a graduate of the New England College of Optometry and a practicing optometrist in New York City. After witnessing many lose their jobs and health coverage due to the current pandemic, she wanted to help people navigate the health insurance system and understand the cost of being uninsured during this pandemic.Read the original article on <a href="https://www.businessinsider.com/what-to-do-uninsured-during-covid-19-coronavirus-pandemic-2020-4">Business Insider</a>

You Searched For "hra calculations" and got 9 results

Confused about the new tax regime? Here's when you should opt for it

Ira Alok Puranik

Claiming tax exemption showing rent paid to relatives? Five things to keep in mind

Anagh Pal

How HRA exemption can help you save tax in 2023-24

Anagh Pal

How to calculate house rent allowance while computing income tax

BI India Bureau

All you need to know about the new tax regime

Ira Alok Puranik

Decoding Form 16: How do you file your taxes if you don't get Form 16?

Ira Alok Puranik

Changed your job in the last financial year? Here’s how to get your tax filing in place

Anagh Pal

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