Hello...
whether conveyance allowance provided by insurance co to field officer of insurance co is exempt from tax if not is there any ceiling limit?
and whether incentive bonus given by insurance co is an allowable item to field officer ? if not what is ceiling limit for allowability.
CONVEYSNCE ALLOWANCE IS EXEMPTED UPTO THE AMOUNT ACTUALLY SPENT BY EMPLOYEE FOR OFFICE USE
All allowances are which are used for office purpose are exempt from tax irrespective of their celing limit.
| Originally posted by : Nikhil Kothari | ||
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All allowances are which are used for office purpose are exempt from tax irrespective of their celing limit. |
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Dont use the word "exempt". The proper word is "allowable". Only income can be exempt. Expenditure are never exempt. They can be allowable or disllowable.
In the current case, all the expenses which are made for the business purpose are allowable to the company in the income tax provisions. There is no limit on the same, but there should be valid evidence to prove the same.
| Originally posted by : Amol Gopal Kabra (CA,CS,DISA) | ||
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Originally posted by : Nikhil Kothari All allowances are which are used for office purpose are exempt from tax irrespective of their celing limit. Dont use the word "exempt". The proper word is "allowable". Only income can be exempt. Expenditure are never exempt. They can be allowable or disllowable. In the current case, all the expenses which are made for the business purpose are allowable to the company in the income tax provisions. There is no limit on the same, but there should be valid evidence to prove the same. |
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Thank you sir correcting me..:-)
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