^One of the most famous phrases attributed to Albert Einstein is, "The measure of genius is the ability to change." It is more accurate than ever in today's swiftly changing world.

Change is unavoidable, and we must be prepared to navigate it successfully. And, like so many other things, change may travel in both positive and harmful directions. We are practically sure to experience disaster and failure if we fail to manage the stormy seas of change in the proper way.

We will surely grow more clever, insightful, and adaptable as we learn to maneuver through life's changes. To thrive in life and conquer the challenges that come your way, you'll need perception, assessment, and adaptability. When presented with a difference, intelligence is tested by making adjustments and changing subsequent actions accordingly.

When we change, we develop and become wiser in the process. Humans generally thrive on change and expansion, but they might have many inner or outward factors to change.

Trying to maintain everything the same is not only unhealthy but also impossible. You are misinterpreting human traits and thriving if you avoid change.

Adaptability and Workplace

The way we work, live, and interact with one another is changing dramatically. Unprecedented rates of change have emerged from extraordinary technological developments in automation and artificial intelligence, disruptive innovation, and globalisation. As a result, leaders in the business sector are continually rethinking how their companies create value and stay relevant in an unpredictable climate. 

Furthermore, the future of employment is continuously evolving. Technological improvements have decreased the expiry date of staff talents to the point where a typical corporate capability is only relevant for 4.2 years, down from 30 years in 1984. According to the World Economic Forum, 65 per cent of present employment will be obsolete by the time today's primary school students reach the workforce.

What is the adaptability Quotient?

The capacity to decide what is relevant, discard obsolete information, overcome hurdles, and respond to change in real-time is known as the Adaptability Quotient (AQ). Those with a high AQ exhibit the following characteristics:

• Open-mindedness. They actively manage their unconscious prejudices to remain receptive to new ideas.
• They go out of their way to perceive things from other people's viewpoints.
• They place a high value on acquiring new skills and investing in their education to better prepare themselves for an unpredictable future.
  

Adaptable leaders and staff are better suited to meet their company's changing and growing demands – and they're in great demand.

"Adaptability is the quality that distinguishes the survivor from the perished." - Charles Darwin

How can adaptability be developed?

Years of practice responding carefully to problems as they emerge are required for adaptability. You have the power to influence your team and propel your company ahead as a leader. Adaptability, like emotional intelligence, may be increased and enhanced.

• Model the high-AQ behaviour you want your workers to emulate. For example, leaders who adopt the pacesetting leadership style may increase their team's AQ by displaying flexibility and encouraging team members to alter and update their abilities. This will aid in the creation of a stress-resilient and change-adaptive environment.
• Take charge of your educational path. Recognise the importance of continuing your education. Assume responsibility for your education, and you will increase marketability for years to come.
• Decide which positions you want to pursue depending on how much you can learn. Then, make future opportunities to learn critical new skills a priority.

What is agile, and how is it more effective in bringing adaptability to you?

The three pillars of Agile are quality, speed, and value. It encourages people to risk discovering new ideas and developing them with the least amount of danger possible. It's a cycle that starts with an idea and ends with a worthwhile result. It encourages people to take the risk of generating new ideas and developing them with the slightest danger of failure. 

A group of people may work together to develop an idea, correct errors, and make it worthwhile. The possibilities are designed, and duties are shared after the concept is conceived. As a result, more than one team would be working on the idea, each with their skill level in a specific area. If a mistake occurs, only the team assigned to it will reprogram it, saving time and energy for the others.

Three tips to help you develop the mindset to adapt to change: 

Recognise change

One of the most challenging aspects of the process is recognising and embracing change—one of the first things we do as humans are to deny reality. As a result, we frequently ignore the shift to avoid dealing with it, or so we believe. But, on the other hand, denying or postponing this problem may make it worse and more unpleasant than just embracing it from the outset. 

It's critical to acknowledge that change is occurring and to attempt to emotionally and, if possible, physically prepare ourselves for it! Recognising and embracing change is a crucial part of the transformation process.

Maintain a positive attitude

Consider the change in a good light. Rather than focusing solely on the bad, write or speak about why this change could benefit you and any other benefits that may result from it. In times of despair, being optimistic is crucial and an excellent tactic. In any scenario, there are positives, and it is up to you to locate them. 

Ignore your negative feelings about the shift and concentrate on the good, even if only for a short while. This upbeat outlook can assist you in getting through it!

Talk about it

Make a phone call to your best buddy. Speak with a member of your family. Speak with a therapist. It doesn't matter who you talk to, as long as you find someone you can trust and tell them everything. It's critical to express your feelings and discuss them with someone you can trust and rely on. It is a sign of strength, not weakness; to know yourself well enough to recognise that you require support is a sign of strength, not weakness.

This support system may also provide the tools you need to overcome or better adjust to the shift. They can also bring a fresh viewpoint to the problem, which may or may not be beneficial, which is also OK!

Conclusion

Remember, change is unavoidable, and it affects everyone! What distinguishes it is how you respond to the change. And don't be concerned if it takes you longer than someone else; you're all on your road! It takes time to adjust, but if you stay optimistic and open-minded, you will succeed.

^The House Rent Allowance (HRA) exemption is a valuable tax-saving tool for salaried individuals in India who reside in rented accommodations. However, to avail of this benefit, one must opt for the old tax regime. This exemption can lead to substantial savings on your taxable income, easing your financial burden. If the annual rent exceeds ₹1 lakh, the landlord's PAN must be submitted. 

Interestingly, even if your employer does not provide HRA, you can claim a deduction under specific circumstances. This article will provide an in-depth understanding of HRA exemption and its benefits for Indian employees.

HRA Exemption Calculation: Factors to Consider

The HRA exemption is determined by the lowest of the following three criteria:

• Actual HRA received: This is the actual amount you receive from your employer as a part of your salary package toward house rent.
• People living in metro cities (Delhi, Kolkata, Mumbai, or Chennai) receive 50% of their basic salary, whereas those living outside of metros receive 40%. Metro cities are considered more expensive in terms of living costs, which is why a higher percentage is allowed as an exemption for those residing in these cities.
• Actual rent paid minus 10% of basic salary: This criterion ensures that a certain portion of your rent paid is considered taxable income.

Use the HRA deduction calculator on the Income Tax Department's website to calculate your HRA deduction. By entering your basic salary, HRA received, and actual rent paid, you can determine the exemption amount and adjust it against your taxable income.

Required Documentation for HRA Tax Exemption Claims

To claim HRA exemption, you must submit certain documents to your employer, including rent receipts and rental agreements. These documents serve as proof of your rented accommodation and the amount paid as rent. If the annual rent exceeds ₹1 lakh, your landlord's PAN must also be provided. This helps the Income Tax Department track high-value transactions and ensure tax compliance.

Based on these proofs, employers will grant HRA exemption in Form 16. Form 16 is a certificate issued by your employer, providing a detailed summary of the salary paid and tax deducted at source (TDS) on your behalf.

Claiming Deduction without Employer-Provided HRA

Rent paid without HRA can still be deducted under Section 80GG of the Income Tax Act if you do not receive HRA from your employer. However, you must meet certain conditions:

• You must be self-employed or salaried and have not received HRA during the year you claim 80GG. This implies that if you receive HRA for part of the year, you can only claim the 80GG deduction for the remaining months.
• You, your spouse, or your minor child must not own residential accommodation in your current city of residence or employment. This condition prevents taxpayers from claiming a double benefit on both self-owned and rented properties.

In addition to the maximum deduction of 5,000 per month, Section 80GG also limits deductions to 25% of adjusted total income.

HRA Exemption for Individuals Living with Parents

You can also claim HRA if you reside in your parent's house. To do so, sign a rental agreement with your parents and transfer the rent to them monthly. Your parents must report this income on their tax returns. 

This can result in tax savings on the family income if their other income falls below the basic exemption limit or is taxed at a lower rate. Ensure to maintain proper documentation, such as rent receipts and bank statements showing rent transfers, to validate your claim.

Claiming Both HRA and Home Loan Interest Deductions

Even if you have a home loan, you can claim both HRA and home loan interest deductions if the houses are in the same city. To do this, you must demonstrate that the rented house and the house with the loan are at different locations. There must be valid reasons for not residing in your self-owned house, such as:

• Living in another city for work or other personal reasons.
• Proximity to your workplace or children's school makes residing in the rented house more practical.
• Your purchased home is under construction, requiring you to rent a temporary residence.
• Renting out your own house for additional income and living in a different rented property.

In such cases, you can claim deductions under Section 24(b) for home loan interest payments, up to ₹2 lahks per annum, and Section 80C for principal repayments, up to ₹1.5 lahks per annum.

It is important to note that such claims are frequently scrutinized by tax officials, who may reject part or all of the claim if dissatisfied, especially if the claimed amount is relatively high. To substantiate your claim, maintain proper documentation, including rental agreements, home loan certificates, and rent receipts.

Important Tips for Maximizing HRA Exemption Benefits

• Timely submission of rent receipts and rental agreements to your employer is crucial to ensure the seamless processing of your HRA exemption claim.
• Regularly review and update your rental agreement, especially if there is a change in rent amount or rental duration.
• Keep a record of rent payments made through bank transfers, as cash payments might not be considered valid proof by tax authorities.
• If you are claiming both HRA and home loan interest deductions, maintain separate documentation for each to avoid confusion during tax filing.

To sum this up, the HRA exemption can be a powerful tool for tax savings for salaried individuals in India. Understanding the various aspects of HRA exemption, including calculation, documentation, and eligibility, can help you make the most of this benefit and reduce your tax liability.