Korgaonkar K A
Asso.prof.(commerce & Management) Pg
Whether you are fresher or experienced, being HR generalist, you should be jack of all. You need to read every thing minutely and study it, understand it.
There is no revision in budget in respect to conveyance allowance. Rather, union or state budget can not have this kind of proposal, which HR generalist must aware of it.
Union budget 2015 has increased the tax exemption in Transport allowance to Rs 1600 per month from 800 per month under section 10 of Income Tax Act.
This revision will not have any effect on CTC. You need to understand what is CTC.
22nd April 2015 From India, Mumbai
NOTIFICATION NO.39/2015 [F.NO.142/02/2015-TPL]/SO 1002(E), DATED 13-4-2015
In exercise of the powers conferred by section 295, read with clause (14) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:â
(1) These rules may be called the Income-tax (6th Amendment) Rules, 2015.
(2) They shall come into force on the 1st day of April, 2015.
2. In the Income-tax Rules, 1962, in rule 2BB, in sub-rule (2), in the Table,â
(a) against serial number 10, in the entry under column(4),relating to the extent to which allowance is exempt, for the letters, figures and words "Rs.800 per month", the letters, figures and words "Rs.1600 per month" shall be substituted;
(b) against serial number 11, in the entry under column (4),relating to the extent to which allowance is exempt, for the letters, figures and words "Rs.1600 per month", the letters, figures and words "Rs.3200 per month" shall be substituted.
24th April 2015 From India, Nasik
Could you please let the forum know what is this serial 11? Members said the revision from 800/- to 1600/-. But this entry says revision from 1600 to 3200.
I appreciated your post giving the notification but It will be more appreciated if you give further input. Learning is possible not only by providing the source. Hope you understand what I mean to say.
24th April 2015 From India, Mumbai
There is a possibility in such of those employer who, in their CTC, could have limited the Conveyance alllw. to the IT exemption limits i.e.till recently upto Rs.800 & Rs.1600 p.m. Now on the strength of this fresh notification the employers are free to rework the Con.Allw components within the overall CTC either keeping at the same level or increase the CTC correspondingly.
29th April 2015 From India, Bangalore