I have received an offer where it states that conveyance reimbursement is 88,000 per annum. I understand that 9,600 of this amount is tax-free. My questions are:
a. Is this a monthly component or yearly?
b. If I provide bills, will this amount be entirely exempted?
Thank you.
From India, Mumbai
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a. Is this a monthly component or yearly?
b. If I provide bills, will this amount be entirely exempted?
Thank you.
From India, Mumbai
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Conveyance Allowance Taxability
Conveyance allowance taxability is covered under the Income Tax Act 1961, and ₹800/- per month is exempted without producing any bill.
In my view, anything over ₹9,600 per annum is taxable in your hands, irrespective of whether you produce bills or not.
From India, Mumbai
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120Conveyance allowance taxability is covered under the Income Tax Act 1961, and ₹800/- per month is exempted without producing any bill.
In my view, anything over ₹9,600 per annum is taxable in your hands, irrespective of whether you produce bills or not.
From India, Mumbai
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If it is part of the salary, then apart from ₹9,600/-, the entire amount will be taxable. However, if it is not a part of your salary and is given as conveyance for official work-related expenses, it will be booked by the company and will not be taxable under your income. This is because you are reimbursing against official conveyance by producing a bill.
From India, Ahmadabad
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From India, Ahmadabad
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ESI-Not-applica ble-on-Conveyan ce-Allowance.do c
Revision in conveyance allowance in Maharashtra from 1.10.2013.pdf