EXEMPT ALLOWANCES
This query is : Resolved
11 October 2008
Dear all,
what are the maximum exemption in the following allowances
1) house rent allowances
2) conveyance allowances
3) washing allowances
4) education allowances
5) and the last is contributation to employees state insurance is it exempt while calculating salary chargebale to income tax
Thanks
Atul
what are the maximum exemption in the following allowances
1) house rent allowances
2) conveyance allowances
3) washing allowances
4) education allowances
5) and the last is contributation to employees state insurance is it exempt while calculating salary chargebale to income tax
Thanks
Atul
11 October 2008
House rent allowance not to be included in the total income shall be---
1) the actual amount of such allowance received or
2)the amount by which the expenditure actually incurred in payment of rent exceeds one tenth of salary or
3)an amount equal to one half of salary if accommodation is at bombay,delhi, madras or calcutta and if accommodation is at any other place two-fifth of salary
whichever is least of 1),2)and 3)
1) the actual amount of such allowance received or
2)the amount by which the expenditure actually incurred in payment of rent exceeds one tenth of salary or
3)an amount equal to one half of salary if accommodation is at bombay,delhi, madras or calcutta and if accommodation is at any other place two-fifth of salary
whichever is least of 1),2)and 3)
11 October 2008
Conveyance allowance u/10(14)--
Rs.800/- per month
Rs.1600/- per month if blind or orthopaedically handicapped.
Rs.800/- per month
Rs.1600/- per month if blind or orthopaedically handicapped.
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