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However, employees can claim tax exemption for transport allowance as per the exemption limit. Quantum of Exemption Section 10(14) read with Rule 2BB provides for transport allowance exemption.
May 23, 2024 · Lower of Rs.10,000 per month or 70 % of transport allowance is tax-free for specified employees of the transport system. This exemption is given to those employees who run transport from one place to another as a part of their official duty and does not receive a daily allowance. Transport Allowance exemption for A.Y. 2018-19(F.Y. 2017-18) :
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.
Jun 18, 2024 · What are Exemptions Under Section 10? Here is a list of exempted income under Section 10: Section 10 (13A) of the Income Tax Act covers House Rent Allowance (HRA). The part of your salary you receive to cover house rent and accommodation expenses is exempted from taxation. However, a few exceptions are included in Section 10 (13A) Rule 2A.
Jul 25, 2023 · Taxpayers are normally aware of deduction under the Income Tax Act, 1961 for which they are eligible but it is noticed that taxpayers are found unaware of Taxability of Various Allowances and exemptions available to them under different sources of Income i.e. Salary , Business Income, House property other sources etc.
Oct 24, 2023 · Transport allowance is exempt either through standard deduction or a fixed amount of monthly exemption. On the other hand, conveyance allowance is exempt on the basis of the actual amount spent by the employee.
Apr 16, 2024 · Under the New tax regime, you can claim tax exemption for the following: Transport allowances in case of a specially-abled person. Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment. Any compensation received to meet the cost of travel on tour or transfer.
A Lower of Rs.10,000 per month or 70 % of the transport allowance is tax-free for specified employees of the transport system. This exemption is given to those employees who run transport from one place to another as a part of their official duty and does not receive a daily allowance. Transport Allowance exemption for FY 2023-2024 is as follows:-
Feb 9, 2023 · Limit for Transport Allowance Exemption. Section 10 (14) with Rule 2BB provides conditions for transport allowance exemption. The following table explains the amount of exemption: Up until FY 2014-15, the exemption limit on transport allowance was Rs. 800 per month (INR 9600 per annum).
Feb 27, 2024 · Exemption criteria. Under section 10 (14) (ii) read with Rule 2BB. Illustration. Let's take an example. Mr. X getting Rs. 4,000 p.m transport allowance form his employer let us find taxable transport allowances under various circumstances. He is Salaried Persons (Non-Handicapped, Non-Transport Industry) for FY: 17-18 & FY: 18-19 onwards.
