Chennai & mumbai got metro approval... But Bangalore didn't get it.?

Undoubtedly one of the major cities in india, Bangalore has all the features of today's modern global metropolis. Apart from this, Bangalore has the unique pride of being the IT city of India. Bangalore's cosmopolitan culture, high-quality infrastructure, transport services, and large population notwithstanding, it is not recognized as a metro city under the Income Tax Act. As Bangalore is not recognized as a metro city, it is not eligible for tax deductions on house rent payments under income tax laws. Do you know what is the reason for this? As one of the top 7 megacities in india, Bangalore has the attributes of a megacity such as a high population, economic activity, and a fast-paced lifestyle.
Especially since Bengaluru has more traffic than any other city in the world, what else does it deserve, you ask? Well, what's the problem with Bangalore not being recognized as a metro city by the income tax department..? Generally, employees working in metro cities can get a tax deduction of about 50 percent of the basic salary under the HRA category, while in non-metro cities, about 40 percent of the basic salary can be tax deductible under the HRA category. So why is Bangalore not recognized as a metro city?: The Income Tax Department and the central government never updated the list of metro cities in india after 1990. As a result, the tremendous growth recorded by Bangalore in the last 30 years remains unaccounted for. Only Delhi, mumbai, Chennai, and kolkata are recognized as metro cities under Section 2A of the Income Tax Act 1962. Bangalore is likely to be declared a metro city in the budget report to be presented on february 1. It is also the main expectation of Bangaloreans and it has become an important requirement even when looking at Bangalore home rentals.

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metro city

Sowmiya Sriram

08/01/2024 07:19 PM