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Section 10 of the income tax act covers many allowances such as leave travel allowance uniform allowance travelling allowance house rent allowance and some more.
Section 10 14 of income tax act. Section 14 of income tax act 1961 2017 provides for heads of income. Section 10 of the income tax act allows the computation of specific incomes as tax free. Under income tax act for exemption purpose allowances are categorized under three heads.
Scope of total income. Chapter iv sections 14 59 of income tax act 1961 deals with provisions related to computation of total income. Section 10 14 of the income tax act provides exemptions towards allowances and benefits granted to the employees to meet certain expenses rule 2bb of the income tax rules prescribes the list of allowance which exempted under section 10 14 i of the income tax act and section 10 14 ii of the income tax act.
1961 income tax department all acts income tax act 1961. Many of such tax rebates and exemptions come under section 10 of the income tax act. Special allowance prescribed as exempt under section 10 14 when exemption depends upon actual expenditure by the employee the following.
One of the commonly used category is allowances which are based on actual amount expended by an employee. According to section 10 of the income tax act 1961 the salaried employees are entitled to enjoy the tax exemption. 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.
Apportionment of income between spouses governed by portuguese civil code. Most salaried employees receive a specific amount of salary that includes certain allowances too. The income tax department never asks for your pin numbers.
However some special allowances that are exempt fall under section 10 14. As per the income tax act 1961 every indian citizen who earns above a certain threshold of income is liable to pay taxes hence with the drawdown of each financial year taxpayers seek out ways to minimize their tax liabilities. The income tax act not only levies taxes on our income but it also has certain provisions that offer a number of tax exemptions.
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