Question

What do you mean by allowance ? Mention any of its two types.

Answer 1

Answer:

An allowance is a fixed amount of money received by a salaried employee from his employer to meet a particular type of expenditure over and above salary. ... Based on their respective tax treatment, these allowances can be categorized into three buckets - Taxable, non taxable and partially taxable.

Answer 2

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The allowance is a fixed amount of money received by a salaried employee from his employer to meet a particular type of expenditure over and above salary. ... Based on their respective tax treatment, these allowances can be categorized into three buckets - Taxable, non taxable and partially taxable..

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