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May 24, 2024 · Conveyance allowance (also known as transport allowance) is a special allowance companies provide to their employees to cover their expenses while travelling to and from their workplace. They are usually offered on top of their basic pay and are applicable for tax deductions up to a certain limit.
Also known as transport allowance, conveyance allowance is offered to the employees of the company to compensate for the travel of the employee from the residence to and from the workplace. This is in addition to the basic salary component and may or may not be taxed under the Income Tax Act.
Conveyance Allowance, also called 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.
Conveyance allowance in salary is paid by the employer to employees for travelling from their home to the workplace and vice versa. It is also known as transport allowance which, in general, means an allowance paid for the purpose of transport.
Defining Conveyance Allowance. The allowance is paid to an employee to compensate for the travel they have to undertake from their residence to the workplace. The amount payable as an allowance depends on how far an employee has to travel, and the modes of transportation used.
Transport Allowance is an allowance a company or employer provides to employees to compensate for their travel from their residence to the workplace. It is a type of special allowance. Like other allowances, transport allowance is a part of CTC and has fixed pay.
Sep 29, 2023 · Conveyance allowance, alternatively referred to as transport allowance, is a form of remuneration provided by companies to their employees in order to reimburse them for the costs associated with commuting between their place of residence and their employment.
Oct 29, 2023 · Conveyance allowance, also known as travel allowance, is offered by employers along with the basic salary when they do not provide transport facilities. It falls under the purview of CBDT (Central Board of Direct Taxes).
Feb 9, 2023 · A conveyance allowance u/s 10 (45) of the income tax act is an allowance offered to taxpayers who receive income from salary to meet the cost of transportation in the course of official work. Usually, it is provided to employees only if the employer provides no transportation service. Limit for Transport Allowance Exemption.
Jan 3, 2024 · Conveyance allowance or transport allowance is given by the company or an employer to the employees to compensate them for the expenses of their commute between their residence and the workplace. Let’s learn more about conveyance allowance and how the exemption works.
