Hello Experts,
A company has fixed Transport allowance of Rs.2000/- and as per IT exemption employee is getting tax exemption of Rs.900/- and balance is taxable.
My question is that is it mandatory from the department to submit bills for entire amount of Rs.2000/- or can we submit only bills for Rs.900/- and avail exemption and balance taxable. Please clarify the same.
Thanks
Menu
Transport allowance exemption
Replies (4)
If reimbursement then 2k is needed if allowance only 900 bills should be sufficient
How are you
It will be sufficient to submit supporting vouchers up to Rs 900 for the claim.
Transport allowance and medical allowance was merged into standard deduction of Rs. 40000 and now the same is 50000.
So no further separate deduction can be again claimed for transport allowance based on amount incurred.
All other exemptions claimed from allowances have to be supported by documentary proof and is subject to actual expenditure only.
So in your case you will received 50000 standard deduction. and there is no separate Rs. 900 exemption. Thus, no bills to submit.
Please convey a like to this answer if it was helpful.
So no further separate deduction can be again claimed for transport allowance based on amount incurred.
All other exemptions claimed from allowances have to be supported by documentary proof and is subject to actual expenditure only.
So in your case you will received 50000 standard deduction. and there is no separate Rs. 900 exemption. Thus, no bills to submit.
Please convey a like to this answer if it was helpful.
Recent Topic
- Due date of ITR for Option Trader
- Cancelled invoice entry
- Debt Mutual Fund Tax in New Regime
- Amount distributed by a Co-op. Hsg Society to its
- Delayed reported invoice in GSTR1
- Kusumgar IPO Listing Date: Shares Debut on BSE, NS
- When is Diwali in 2026? Date, Muhurat Timing and D
- Amount received by son from PPF closure proceeds o
- Clarification on Nature of Payment Code for NRI Pr
- Fee received as Independent Director
Related Topics
CAclubindia
