What is Conveyance Allowance in India? | Exemption, Limit and Meaning | Explained

Описание: In this video we will discuss about Conveyance Allowance - Limit, Exemption, Meaning
1. Conveyance allowance, additionally called Transport Allowance, is a sort of allowance offered to Representatives of a company to compensate for their movement from #Residence to and from their separate Working environment Area.
2. Exemption Conveyance Allowance can be Guaranteed Under Section10(14(ii)) of the Income Tax Act.
3. The most extreme sum that can be Guaranteed in a year is Rs.19,200 (Rs.1,600 each month).
4. There are no complicated Computations engaged with figuring Conveyance Allowance limits.
5. The cutoff points are total at Rs.1,600 each month or Rs.19,200 each year regardless of the duty Bracket and Individual Falls into.
#conveynanceallowancelimit

⚫Conveyance allowance, also called Transport Allowance is a type of allowance offered to employees of a company to compensate for their travel from residence to and from respective workplace location. In general, conveyance allowance is paid by an employer only if the there is no transportation provided by the employer.
#whatisconveynanceallowance

⚫How is it calculated?
For example, if a company is offering a special allowance of Rs. 5,000 per month (100% taxable), Rs. 1,600 out of the total of Rs. 5,000 can be allocated as conveyance allowance and tax exemption can be claimed on it.
#howisconveynanceallowancecalculated

⚫What is the Conveyance Allowance for Handicapped People?
Handicapped people used to receive a higher limit of Rs.1,600 per month or Rs.19,200 per year as conveyance allowance before April 2015 as compared to other categories of taxpayers. However, Budget 2015 made the exemption limit uniform across all categories of taxpayers at Rs.1,600 per month.
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Time Stamp:
0:05 What is conveyance allowance?
0:21 Exemption on conveyance allowance
0:53 More information on conveyance allowance
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