CBDT Circular on Taxability Of Allowances Received By Persons Having Income Under The Head ‘Salaries’


TAXABILITY OF ALLOWANCES RECEIVED BY PERSONS HAVING INCOME UNDER THE HEAD ‘SALARIES’ CIRCULAR NO.701, DATED 23-3-1995 As per sub-clauses (iiia) and (iiib) of section 2(24), read with section 17, of the Income-tax Act, 1961, any allowance, by whatever name called, given by the employer to the employee, is taxable as income in the hands of the…

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