23 November 2007
I believe the tax exemption under Section 10(5) is available subject to satisfying the conditions in the Section and to the limits specified therein. The limits in the Section are only the maximum limits and bear a reference to a public transport, rail transport or air economy fare by the national carrier. This does not mean that the travel will have to be performed only by these modes. The travel can be performed by any mode but the exemption will be restricted to the limits in the Section. Am i correct?
CAclubindia
