Car Allowance
This query is : Resolved
Mohd Sarfaraz Latibani
(Querist)
29 September 2009
We are paying Rs.40000/- as a Car Allowance to one of our employee.I want to know Is the Car Allowance is Exempted or Taxable Allowance, and is it compulsory to add it in Form 16
CA SANJAY MUKHERJEE
(Expert)
30 September 2009
Yes it is taxable, Rs.800 per month, i.e. Rs. 9,600 per annum is tax free under Sec 10 as conveyance allowance. Any amount paid as allowance above that is taxable and it is compulsory to show it in Form 16 as part of Salary
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