American Express is giving Assets Allowance to its employees along-with Basic salary, HRA, Transport Allowance, LTA etc.
Please let me know what is 'Asset Allowance' and what is treatment under income tax , I mean is it taxable in the hands of employee like any other allowance or not?
I also know that any allowance is given for purpose of official purpose is non taxable. Actulaay I want to know the nature of 'ASSEST ALLOWANCE" I mean for which it s given.
17 May 2013
Nature of allowance is differ from business to business and employer to employer based on requirement. purpose need to check with concerned employee or employer only
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