Special allowance taxability

Tax planning 187 views 3 replies
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ca final
388 Points Joined January 2015

HAI

      MY FRIEND IS GETTING SALARY OF RS.800000.HIS PAYSLIPS COSISTS OF HRA,CONVEYANCE ALLOWANCE AND ALSO SPECIAL ALLOWANCEOF RS.200000 P.A..WHAT IS THE TAXABILITY OF SPECIAL ALLOWANCE.CAN I TAKE 50% OF SPECIAL ALLOWANCE AS EXEMPTED INCOME UNDER 10(14).(HE IS GOING TO OFFICE BY EITHER CAB OR BUS)

 

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On 09 June 2017 at 09:54 Report
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Job
1865 Points Joined April 2017
Only allowances expressly exempt are only out of tax purview. Special Allowance is not exempt under any provisions so it is fully taxable.
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On 09 June 2017 at 10:02
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ca final
388 Points Joined January 2015

TQ SIR.THEN HOW TO DO TAX PLANNING ON SPECIAL ALLOWANCES

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On 09 June 2017 at 10:05
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Job
1865 Points Joined April 2017
When the entire allowance is fully taxable what tax planning do you want
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On 09 June 2017 at 10:09


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