Kalyan Chakravarty (Student) (76 Points)
06 January 2013
Is there any difference between transport allowance and conveyance Allowance undet IT Act.
Transport Allowance is exempt upto 800 per month, then what about conveyance allowance?
praveen
(Chartered Accountant)
(6971 Points)
Replied 06 January 2013
travelling allowance means allowance given to the employee to reach office from his house. This is exempt at Rs.800 per month.
Conveyance is something like a reimbursement. If the employee has to move around a lot and incurrs cost towards petrol, toll, parking, refreshments etc and the same is reimbursed by the company in a fixed or on basis of as you incurr, then to the extent the bills are produced conveyance would be exempt.
Srinivas
(Finance Executive)
(32 Points)
Replied 30 August 2015
CAclubindia
