Form 64A
The Indian Income Tax Department requires Hindu Undivided Families (HUFs) and individuals who have paid rent more than Rs. 10,000 to submit a declaration form called Form 64A. one lakh per fiscal year. The structure fills in as a statement of the lease paid by the individual/HUF to their property manager and is obligatory for people/HUFs who wish to guarantee a duty derivation on house lease recompense (HRA) under segment 10(13A) of the Personal Expense Act, 1961.
Structure 64A requires people/HUFs to give data like their name, Container (Super durable Record Number), how much lease paid, the name and address of the landowner, and the property manager’s Dish (if accessible). It’s important to remember that if the rent is more than Rs, the landlord must provide their PAN. 1 lakh for every annum. For tax deduction at source (TDS) on HRA, the form should be sent to the employer or the Income Tax Department when filing income tax returns.
An individual or HUF may not be eligible for a tax deduction on HRA if they do not submit Form 64A, and the employer may deduct TDS from the entire HRA amount. Under the Income Tax Act of 1961, failure to file the form can also result in legal action and penalties. As a result, it is necessary to guarantee that the form is submitted correctly and promptly.