*TRANSPORT ALLOWANCE NOW TAXABLE !
Transport Allowance is paid to employee for travelling between Home to Office and back by whatever name is given be employer.
* This allowance was exempted from income tax up to the extended it is used for specified purpose subject to maximum limit of Rs 1600 per month (& 3200 per month applicable for disabled employee) up to Financial year 2017-18.
* In Budget 2018 , This exemption has been proposed to be deleted and in place of this exemption Standard deduction of Rs 40000/- introduced with effect from Financial year 2018-19.Further Medical reimbursement exemption of Rs 15000/- is also subsumed in above standard deduction.
* It is worthwhile to mention here that transport allowance exemption will continue to be available to disabled employee in FY 2018-19 onward. No change has been made for disabled employees. So they can claim both standard deduction as well as transport allowance exemption.
[Notification No. 17/2018/F. No.370142/02/2018-TPL]
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