Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 12 July 2018
Not travelling alowance it is conveyance allowance it can be exempted up to the amount actually used for conveyance and same is exempted under section 10(14ii).
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 12 July 2018
Conveyance Allowance granted to meet the expenditure on conveyance in performance of duties of an office is exempt to the extent of expenditure incurred for official purposes as per section 10(14ii).
Anjali P Nair
(ACA,ACMA)
(582 Points)
Replied 12 July 2018
Amount actually utilised for to the extent of conveyance expenditure incurred for official purposes can be claimed as exemption.
But condition is employee should receice conveyance allowance.
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 12 July 2018
Transport allowance granted to an employee to meet his expenditure of commuting between residence and Place of work comes under 10(14)(ii) .
Max Rs 1600 Per month.
From AY 2019-20 (FY 2018-19) this is abolished and replaced by standard deduction of Rs 40000.
CAclubindia
