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Calculators FAQs

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What are the 3 formulas of HRA?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
There are 3 formulas to calculate the tax-exempt House Rent Allowance amount
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How much tax will I save on HRA?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
The amount of tax you can save with HRA exemption depends on your income tax slab and the HRA amount received from your employer.
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Are there different types of ELSS calculators available?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
There are two main types of ELSS calculators available online - Lumpsum Calculators and SIP Calculators.
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What is the HRA limit for 2024?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
The maximum House Rent Allowance (HRA) exemption you can claim is 50% of your basic salary, provided you live in a metro city.
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Who benefits from the new tax regime?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
As per the Union Budget (AY2024-25) the new simplified tax regime can benefit taxpayers who have limited deductions and do not invest much in tax-saving schemes.
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Can we change the tax regime every year?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
Salaried Individuals have more flexibility when it comes to changing tax regimes every year as compared to professionals.
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How is the lock-in period calculated for ELSS?

  • Posted:4th February, 2025
  • Updated:4th February, 2025
The lock-in period for Equity Linked Savings Schemes (ELSS) is 3 years from the date of investment. This lock-in mandates that investors cannot redeem or withdraw their ELSS investment for at least 3 years after investing.
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