Transport allowance/conveyance allowance

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Pensioner
28 Points Posted on 10 September 2020

An employee is getting 400/- pm as TRANSPORT ALLOWANCE

AS WELL AS HE IS CLAIMEIG  30 LITERS OF PETROL EVERY MONTH AS CONVEYANCE ALLOWANE (WHICH IS INCLUDED IN PERQUISITES)

PLEASE TELL HOW MUCH REBATE WILL HE GET 

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On 10 September 2020 at 16:08 Report
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Quick Summary
This discussion clarifies the taxability of transport and conveyance allowances for employees. It explains that both allowances are generally taxable, but a standard deduction of Rs. 50,000 may apply for salaried individuals. The specific tax regime (old vs. new) can also influence the rules, and an employee typically cannot claim both allowances simultaneously.

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Profession Business
28246 Points Posted on 10 September 2020
Both are not allowed.
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On 10 September 2020 at 16:45
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2 Points Posted on 12 September 2020
Which allowance is tax able
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On 12 September 2020 at 14:00
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Chartered Accountant
412 Points Posted on 12 September 2020

both are taxable now. however, standard deduction of Rs. 50,000 is allowed to salaried individuals. 

Also, rule are different under new tax regime. Can you please specify which tax regime you are talking about.

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On 12 September 2020 at 22:58
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Profession Business
28246 Points Posted on 13 September 2020
An employee cannot avail both the allowances at the same time.
All allowances are taxable everyone knows.
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On 13 September 2020 at 18:05

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