Asset allowance
This query is : Resolved
16 May 2013
Dear Sir,
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?
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?
16 May 2013
Any allowance is given for official purpose is not taxable.otherwise fully taxable
17 May 2013
Thanks Mr. Ramesh,
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.
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
18 May 2013
Thank you sir
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