income from salary
monika shah (4 Points)
12 April 2019
what is difference between transportation allowance and conveyance allowance??
1 Replies
VK Menon
(owner)
(316 Points)
Replied 12 April 2019
As per IT act, Transport allowance is given to employee till AY 2018-19 for traveling from his residence to place of work. The same has been replaced with standard deduction from AY 2019-20.
Conveyance allowance is to meet the expenditure on conveyance in performance of duties of office/work. Amount exempt from IT: amount of allowance or amount utilized,whichever is lower.
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