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Exempted Income u/s 10 - Salary Specific

Income Tax - Exemptions and Deductions - 03 - EXEMPTED INCOMES (SEC 10) Income tax act provides multiple tax exemptions to a Person. A lot of such exemptions fall under section 10 of income tax act. SALARY SPECIFIC EXEMPTIONS Section Particulars Limit of Exemption 10(14) Children Education Allowance Up to 100 per month per child up to a maximum of 2 children is exempt 10(14) Hostel Expenditure Allowance Up to 300 per month per child up to a maximum of 2 children is exempt 10(14) Transport Allowa .....

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owing: a) 70% of such allowance; or b) 10,000 per month. 10(14) Conveyance Allowance granted to meet the expenditure on conveyance in performance of duties of an office Exempt to the extent of expenditure incurred for official purposes 10(14) Any Allowance to meet the cost of travel on tour or on transfer Exempt to the extent of expenditure incurred for official purposes 10(14) Daily Allowance to meet the ordinary daily charges incurred by an employee on account of absence from his normal place .....

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Nadu (c) Uttar Pradesh (d) Karnataka (e) Tripura (f) Assam (g) West Bengal (h) Bihar (i) Orissa Up to 200 per month 10(14) Compensatory Field Area Allowance. If this exemption is taken, employee cannot claim any exemption in respect of border area allowance (Subject to certain conditions and locations) Up to 2,600 per month 10(14) Compensatory Modified Area Allowance. If this exemption is taken, employee cannot claim any exemption in respect of border area allowance (Subject to certain condition .....

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