Salary Allowances in India - Taxable & Non Taxable
Any monetary benefit offered by the employer to its employees for meeting expenditures, over and above the basic salary are known as Salary Allowances.
The employers offer various kinds of additional benefits in monetary terms to their employees over and above the basic salary, which are known as salary allowances. These salary allowances are given to meet the expenditure of particular nature. According to Income Tax Act, allowances are added to the salary of an individual and taxed under the head Income from Salaries. The salary allowances can be bifurcated into three broad categories, taxable, non-taxable and partly taxable allowances.
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