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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.
2 days ago · Conveyance allowance is given an exemption of up to Rs.19,200 per annum or Rs.1,600 per month. The sections under which this exemption is applicable are Section 10 (14) (ii) of Income Tax Act and Rule 2BB of Income Tax Rules. Before April 2015, the conveyance allowance taxation exemption limit was capped at Rs.800 per month or Rs.9,600 per annum.
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.
Sep 6, 2024 · Allowances / Exemptions Under Income Tax Act, 1961. TG Team 06 Sep 2024 458,770 Views 40 comments Print Income Tax | Articles. Sponsored. Income-tax Act contains provisions for taxability of various allowances received by a taxpayer.
Apr 16, 2024 · As the fiscal year 2023-24 unfolds, taxpayers across the nation find themselves navigating a new landscape of taxation regulations. With the implementation of the New Tax Regime, there arises a crucial need to comprehend the nuances of deductions allowable within this framework.
Employees who are visually impaired or otherwise physically handicapped, conveyance allowance deduction is set at Rs. 3,200 each month. This relief is applicable regardless of whether the organisation is operated privately or publicly.
The conveyance allowance limit for salaried individuals is ₹ 1,600 per month or ₹ 19,200 per year. Companies that offer transportation services do not pay conveyance allowance. Conveyance allowance may vary based on the employer or employee’s designation, but the tax exemption limit is ₹ 1,600 per month or ₹ 19,200 per year.
Oct 24, 2024 · Conveyance Allowance Features. Eligibility: Conveyance allowance is payable to salaried employees to compensate them for the expenses they incur in traveling to and from their workplace. Exemption limit: The conveyance allowance exemption limit for salaried individuals is Rs 1,600 per month or Rs 19,200 per annum.
Jun 24, 2024 · TA stands for Travel Allowance, DA stands for Dearness Allowance, and HRA stands for House Rent Allowance. Learn about conveyance allowance in India, including exemption limits, calculation methods, and relevant regulations. Understand how it impacts your taxable income and salary structure.
4 days ago · Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment. ... Deductions Not Allowed Against Business Income Under the New Regime. Deductions and exemptions not allowed against business income: Additional depreciation under section 32; Investment allowance under section 32AD; Sector-specific business deductions under section 33AB and 33ABA;
