I am getting car allowance as part of my salary. Can i get some exemption or deduction under income tax act for exp incurred on wear tear and running cost of my two cars.
I am also getting fuel reimbursement, driver salary and toll tax & parking chg on monthly basis beside to my monthly salary
Pls tell me asap
Exemption of Car Allowance= amount paid by company as allowance less any amount received by company from u towards repairs etc.
In case of Car allowance if you are using car only for personal purpose, entire amount received will be taxable as salary.
If you have incurred any expenditure for use of car for office purpose, then amount equal to amount born by you will be exempted.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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