Travelling Conveyance Exemption....

This query is : Resolved

Purushotham (Querist)
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04 March 2010 I used to go business trips to Mumbai, Delhi & Bangloure. Can i use that bills for income tax exemption? If what is the procedure to get exemption?

Shyam Lal Naik

Shyam Lal Naik (Expert)
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04 March 2010 It appears that your income is assessable under the head "Income from Business or Profession".

You can claim the expenditure against your income to arrive at the net profit and file your return of income accordingly.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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04 March 2010 In your query not mentioned whether you are employee or business person

If the employee -Offical travel allowance exempted

If a business person- allowed as business expenses

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