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Section 1 Your payslip explained 2

Section I: Your payslip explained

4. Conveyance Allowance

Conveyance allowance is given to employees to meet travel expenses from residence to work. The conveyance allowance for up to Rs.9,600 per annum is exempt from tax.

Starting FY 2015-16, this limit has been increased to Rs.19,200 per annum.

5. Leave Travel Allowance

Salaried employees can avail exemption for a trip within India under Leave Travel Allowance. The exemption is only for shortest distance on a trip.

This allowance can only be claimed for a trip taken with your spouse, children and parents, but not with other relatives.

This particular exemption is up to the actual expenses, therefore unless you actually take the trip and incur these expenses, you cannot claim it. Submit the bills to your employer to claim this exemption.

6. Special Allowance

Any number in your salary by the name of ‘special allowance’ is fully taxable. This is usually the left over component of your salary, after allocating to Basic, HRA, LTA, Transport Allowance etc.

Section I: Your payslip explained



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