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You have to actually spend the money on the intended purpose. Allowances under section 10 (14) (i) are exempt from the amount received or the amount spent on specific duties, whichever is lower. At its core, section 10 (14) of the income tax act, 1961, is a provision that grants tax exemptions on certain special.
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What exactly is section 10 (14) of the income tax act? It is exempted upto actual amount spent on engaging a helper required to. It covers any special allowance granted to the members of.
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In this guide, we will explain section 10 (14) in detail, covering various special allowances and their tax implications, along with the latest updates for 2024.
Following are the prescribed allowances for the purpose of section 10 (14) (i): Section 10 (14) also includes a tax exemption of rs.26,400 in a year for food allowance provided by your employer assuming two meals a day and 22 working days in a. Allowance or perquisite should be granted by the. Section 10(14) of the income tax act deals with specific allowances provided to employees, which are exempt from taxation.
This means you don’t pay a single rupee. The exemption provided under section 10 (14) (i) is subject to the fulfillment of certain conditions, which are as follows: However, some special allowances qualify for exemption under section 10 (14). These allowances, separate from regular salary, address specific employee needs.
Just because you receive an allowance doesn’t mean you automatically get a tax break.
