WebPrescribed allowances for the purposes of clause (14) of section 10. 2BB. (1) For the purposes of sub-clause (i) of clause (14) of section 10, prescribed allowances, by whatever name called, shall be the following, namely :-. (a) any allowance granted to meet the cost of travel on tour or on transfer; (b) any allowance, whether, granted on tour ... WebExempt from tax, to the extent it is expended to meet actual expenditure on purchase or maintenance of uniform. 10(14) read with Rule 2BB(1) Academic, research and training allowance. Exempt from tax, to the extent it is actually expended by the employee for the purpose of academic, research and training pursuits in educational and research ...
Travel Allowance: Exemptions Allowed Under Various Tax Regime
WebJun 28, 2024 · Under the tax regime, annual income up to Rs 2.5 lakh is exempt from tax. Individuals earning between Rs 2.5 lakh and Rs 5 lakh will be liable to pay 5 per cent tax. Income between Rs 5 and 7.5 lakh will be taxed at 10 per cent, while those earning between Rs 7.5 and 10 lakh will be taxed at 15 per cent. WebMay 6, 2024 · The Allowances provided to employee for meeting the official expenses are completely exempt if expended [u/s 10(14)(i) read with Rule 2BB(1)]. The intent of law is to tax genuine income of taxpayer, if some allowance are being provided by the employer to employee and they are spent then usually they are exempted from tax subject to ... canfield pd
Massachusetts Income Tax Calculator - SmartAsset
WebEducation allowance: This is fixed at Rs. 100 each month for each child. Note that the exemption is limited only to 2 children. If CEA is applied for a 3rd child, it will not be eligible for reimbursement. Hostel charges allowance: Currently, this allowance is Rs. 300 per child, only for 2 children of a family. WebApr 3, 2024 · RULE PAGE I-11 CONTENTS 12DPower to call for information by prescribed Income-tax Authority 871 12ERegular assessment 874 12FInquiry before assessment 875 14Inquiry before assessment 876 14A ... WebRule - 2BBB Percentage of Government grant for considering university, hospital etc. as substantially financed by the Government for the purposes of clause (23C) of section 10 Rule - 2BC Amount of annual receipts for the purposes of sub-clauses (iiiad) and (iiiae) of … canfield pharmacy