allowance expmted or taxable.ans.this plz.
Ashnand Majhi (45 Points)
27 August 20182)mobile allowance
3)fuel allowance
Ashnand Majhi (45 Points)
27 August 2018
S.Mohanraj
(working as an accountant)
(64 Points)
Replied 27 August 2018
Mr.ashnand Majhi, first specify the allowance related to salary or business?
S.Mohanraj
(working as an accountant)
(64 Points)
Replied 27 August 2018
Mr.ashnand Majhi, first specify the allowance related to salary or business?
S.Mohanraj
(working as an accountant)
(64 Points)
Replied 27 August 2018
Allowances, which are part of salary are taxable if no specific exemption is provided under the Income Tax Act/Rules. Certain allowances have been exempted from Income tax as per section 10(14) of the Income Tax Act. Section 10(14) has two clauses (i) and (ii). Items prescribed under clause 10(14)(i) has been given in rules 2BB(1). According to Section 10(14) (i), “any special allowance or benefit, not in the nature of a perquisite within the meaning of clause (2) of section 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or employment of profit, to the extent to which such expenses are actually incurred for that purpose.”
Refer this
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)