Bhumika kishore solanki (Article) (52 Points)
21 March 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177801 Points)
Replied 21 March 2017
Over 77500/- unless both separate transactions.
CA Revanth Bharathwaj M
(Freelance consultant in Direct Tax and Financial Reporting)
(373 Points)
Replied 21 March 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177801 Points)
Replied 22 March 2017
@ Revanth: Transport Allowance is a type of allowance offered to employees of a company to compensate for their travel from residence to and from respective workplace location. Allowances are generally offered to employees on top of their basic salary component. As per Section 10(14)(ii) of Income Tax Act and Rule 2BB of Income Tax Rules, the transport/conveyance allowance is exempt upto Rs.1600/- PM
In the case referred above it is communication & phone charges levied for the job work, which is not allowance.
CA Revanth Bharathwaj M
(Freelance consultant in Direct Tax and Financial Reporting)
(373 Points)
Replied 22 March 2017
CAclubindia
