Our Recommendations :-
Follow CA Final FB Page

GIVE ME SOME EXAMPLE OF FULLY TAXABLE ALLOWANCES

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 ROSHNI asked about 3 years ago

    0       0 Answer Now Comment Report
5 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 narahari answered almost 3 years ago

This allowance is paid to employees who are posted in big cities. The purpose is to compensate the high cost of living in cities like Delhi, Mumbai etc. However, it is fully taxable. Tiffin / Lunch Allowance It is fully taxable. It is given to employees for lunch as coupons or added as part of salary. Overtime Allowance When an employee works for extra hours over and above his normal hours of duty, he is given overtime allowance as extra wages. It is fully taxable.

    0       0 Comment Report
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Data?1494421730 rohit awasthi answered about 3 years ago

Examples of fully taxable allowances 1. Over-time Allowance - When an employee works for extra hours over and above his normal hours of duty, he is given overtime allowance as extra wages. 2. Non-Practicing Allowance - Given to Professionals who are in government service and are banned from doing private practice. 3. Deputation Allowance - Given for when an employee is sent from his permanent place of service to some place on deputation for a temporary period. 4. Warden Allowance / Proctor Allowance - Given in educational institutions for working as a Warden of the hostel or as a Proctor in the institution. 5. Servant Allowance - Given to engage servant, however, fully taxable whether or not servants have been employed by the employee. 6. Medical Allowance - Given for some expenditure has actually been incurred for medical treatment of employee or family. 7. Tiffin or Lunch Allowance - Given for lunch to Employee. 8. City Compensatory Allowance - Paid to Employee who are posted in big cities. The purpose is to compensate the high cost of living in cities like Delhi. 9. Dearness Pay/Allowance - Paid to compensate the Employee against the rise in price level in the economy. 10. Other Allowances - Like, Family Allowance Project Allowance Marriage Allowance Education Allowance Holiday Allowance, etc

    1       0 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered about 3 years ago

**FULLY TAXABLE ALLOWANCES** Hi the fully taxable allowances are as follows City compensatory allowance Dearness allowance Tiffin allowance or lunch allowance Overtime allowance Fixed medical allowance Servant allowance Thanks

    0       1 Comment Report
Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered about 3 years ago

Hiiii friend.... **Examples of Allowances which are fully taxable** - **Dearness Allowance** As is clear by its name, this allowance is paid to compensate the employee against the rise in price level in the economy. Although it is a compensatory allowance against high prices, the whole of it is taxable. - **City Compensatory Allowance** This allowance is paid to employees who are posted in big cities. The purpose is to compensate the high cost of living in cities like Delhi, Mumbai etc. However, it is fully taxable. - **Tiffin / Lunch Allowance** It is fully taxable. It is given to employees for lunch as coupons or added as part of salary. - **Overtime Allowance** When an employee works for extra hours over and above his normal hours of duty, he is given overtime allowance as extra wages. It is fully taxable. - **Fixed Medical Allowance** Medical allowance is fully taxable even if some expenditure has actually been incurred for medical treatment of employee or family. - **Servant Allowance** It is fully taxable whether or not servants have been employed by the employee. - **Other Allowances** There may be several other allowances like family allowance, project allowance, marriage allowance, education allowance, and holiday allowance etc. which are not covered under specifically exempt category, so are fully taxable. Regards,

    1       0 Comment Report
Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered about 3 years ago

Hiiii friend.... **Examples of Perquisites which are fully taxable** - Rent free accommodation - Provision for motor car or any other conveyance for Personal use. - Free or concessional educational facilities - Reimbursement of Medical Expenses - Expenditure on foreign travelling and stay during medical expenditure - Supply of Gas, electricity or water. - Gift exceeding Rs.5000. - And any other benefits provided for no cost will be taxable except those which are allowed under Income Tax act. Regards,

    1       0 Comment Report
Similar Questions
Get Notifications
Videos
Books
Notes
Loading
SIGN UP
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.