What is the meaning of travel allowance?
What is the meaning of travel allowance?
1. travel allowance – a sum allowed for travel. travel reimbursement. allowance – a sum granted as reimbursement for expenses. mileage – a travel allowance at a given rate per mile traveled.
What is the best definition of allowance?
1a : a sum granted as a reimbursement or bounty or for expenses a salary that includes a cost-of-living allowance especially : a sum regularly provided for personal or household expenses Each child receives a weekly allowance. b : a fixed or available amount provide an allowance of time for recreation.
What is supplementary allowance?
Supplementary allowance in India is not statutory and given to employees as an additional benefit.As per Income Tax rule this is fully taxable.Supplementary allowance is not included in pf wage,bonus wage,gratuity wage,Esic wage etc.. It can go down…depends on company’s monetary benefits policy.
What is tiffin allowance?
Tiffin allowance is given to employees for meeting personal expenditure on lunch/Dinner/refreshment. As per Income Tax Act (ITA) if the allowance is not specifically exempt then it is considered as fully taxable. There is no exemption for the monthly amount given as Tiffin/Lunch/Refreshment allowance.
What is a daily allowance?
Daily Allowance . Daily Allowance means an allowance granted to a Government employee for each day of his absence from headquarters, which is intended to cover the ordinary daily expenses incurred by a Government employee in consequence of such absence.
Is children’s education allowance taxable?
Children Education Allowance: If you are receiving children education allowance from your employer then you are eligible to claim a tax exemption under the Income-tax Act. However, the maximum amount exempted is Rs. 100 per month or Rs. 1200 per annum for a maximum of up to 2 children.
What is allowance and its examples?
Allowance is a piece of something given to a person, usually in relation to money or goods in exchange for service. An example of an allowance is the money a parent gives to a child each week for the chores they do around the house. Something, such as money, given at regular intervals or for a specific purpose.
What’s another word for allowance?
What is another word for allowance?
| share | portion |
|---|---|
| quota | allotment |
| grant | allocation |
| lot | slice |
| amount | measure |
What is allowance and types of allowance?
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.
Is allowance considered salary?
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.
What is allowance and its types?
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.
What is on call allowance?
On call allowance is an allowance (paid weekly or monthly) that compensates an employee for being oncall.
What is position allowance?
Any definition to position allowance. If an allowance paid monthly and employee absent or apply unpaid leave during the month, can the allowance be deducted from the full amount as promised to be given monthly.
What is leave allowance?
Similarly, leave allowance is also an area where there is no equivocation amongst HR managers. However, the amount to be paid as leave allowance is the only area where there is no unanimity. The rate to be paid is thus industry dependent, and of course subject to the adoption of individual company.
