Partly Taxable Allowancees
Answers
Answer:
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In terms of taxability there are three types of allowances; Taxable Allowance, it is the Allowance which is fully taxable. Partially Taxable Allowance is the Allowance in which some part is exempt, and some part is taxable. Non-Taxable Allowance, is the Allowance which is fully exempt from tax.
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Answer:
Allowances are the financial benefits that are provided to the employees by the employers over their regular salary. While some allowances are taxable under the head salaries, some are partly taxable or fully non-taxable.
Explanation:
In India tax rules are different for individuals earning income from salary and individuals having other types of income. E-Filing Income Tax is a boon to them. However, they still have to declare their salary income in a form online or offline to file their returns and knowledge of allowances that are paid by employers to meet various costs can come in handy while filing their return.
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