As a part of my salary I get conveyance allowance of Rs. 800 pm. I also claim reimbursement for running / maintainance of Car.
Pls let me know whether I am eligible for exemption of conveyance allowance u/s 10(14) of the Income Tax Act. Pls mention the sec/rule/circular/notification/case law reference while answering the query.
07 November 2011
There is limit for getting exemption full amount can not be taken as exemption. It is exempted from Tax if it doesn't exceed Rs 800 per month viz Rs 9600 p.a.
CAclubindia
