Mr. P is employed in PC Ltd. - Transporters as cabin
driver. He is paid Rs. 15,000 p.m during AY 2019-20 as
allowance for meeting his personal expenditure in the
course of running Goods Vehicle. Mr. P does not receive
any other amount by way of daily allowance. The amount
eligible for exemption is.
(a) Rs. 1,80,000 (b) Rs. 1,20,000
(c) Rs. 1,26,000 (d) Rs. 1,75,000
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Income for salary
Replies (2)
15000-1600)*12=160800 is taxable amount.
but now transport allowances has been abolished from income tax 1961
but now transport allowances has been abolished from income tax 1961
b) Rs. 1,20,000/- [As per sec. 10(14)(ii)(iv) of IT act]
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