income from salary
monika shah (4 Points)
12 April 2019
what is difference between transportation allowance and conveyance allowance??
monika shah (4 Points)
12 April 2019
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.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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