What is Conveyance allowance in Salary Slip?

Conveyance allowance, also known as transport allowance, is a kind of allowance offered by employers to their employees to compensate for their travel expense to and from their residence and …

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What is other allowance in Salary and are tax free allowances?

The nine crucial components of your Salary Break-up Cost-to-Company or CTC The Cost-to-Company or CTC is the total amount that a company spends on you, directly or indirectly. It includes …

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Do I claim 1 or 2 allowances?

Whenever you get paid, a certain amount of income tax is automatically withdrawn (or withheld) from your paycheck and turned over to the IRS. The number of allowances you claim …

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What is Management Allowance?

If you think that your entire salary is taxable, then that is not true. The overall package, which is termed as CTC, comprises many allowances. While calculating taxes, employees must …

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What is allowance in income tax?

Taxable Allowance Taxable allowances are those allowances which are part of salary and are not exempted under any section of Income Tax Act. These are taxed as per the tax …

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What are Allowances and types of Allowances?

Taxpayers are usually aware of deductions under Section 80C of the Income Tax Act for which they are eligible. However, it is noticed that taxpayers are unaware of taxability of …

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Income Tax Return filing procedure

The Income Tax Return filing procedure can be extremely tedious and time-taking, especially for first-time filers, but having all the documents ready before hand makes the job a tad bit easier. There are exactly …

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