Govt allows I-T exemption on conveyance allowance under new tax regime

The government has allowed individuals under the new lower tax regime to claim I-T exemption on conveyance allowance received from employers.

The Central Board of Direct Taxes (CBDT) has now amended Income Tax rules to prescribe certain exemptions which can be availed by the employees.

These include any allowance granted to meet the cost of travel on tour or on transfer, any allowance, whether, granted on tour or for the period of journey in connection with transfer, to meet the ordinary daily charges incurred by an employee on account of absence from his normal place of duty.

It also includes