TRANSPORT ALLOWANCE EXEMPTION LIMIT INCREASED BY CBDT

Dear Readers,


CBDT has increased the transport allowance exemption limit by exercising its powers. The limit has been doubled by the board.

Extracts of notification produced here:

"In the Income-tax Rules, 1962, in rule 2BB, in sub-rule (2), in the Table,- 

 (a) against serial number 10, in the entry under column(4),relating to the extent to which allowance is exempt, for the letters, figures and words “Rs.800 per month”, the letters, figures and words “Rs.1600 per month” shall be substituted; 

 (b) against serial number 11, in the entry under column (4),relating to the extent to which allowance is exempt, for the letters, figures and words “Rs.1600 per month”, the letters, figures and words “Rs.3200 per month” shall be substituted. "

 They shall come into force on the 1st day of April, 2015.

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