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

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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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