Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Allowances, Exempted and Fully Taxable Allowances
Allowances, Exempted and Fully Taxable Allowances Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Allowances, Exempted and Fully Taxable Allowances Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What are allowances in taxation? |  |
Ans. Allowances in taxation refer to specific amounts of money that are deducted from an individual's taxable income. These deductions reduce the overall tax liability of the taxpayer.
| 2. What are exempted allowances? | |
Ans. Exempted allowances are allowances that are not subject to tax. These allowances are provided to employees for specific purposes such as house rent, travel, or medical expenses. They are excluded from the taxable income of the employee.
| 3. What are examples of fully taxable allowances? | |
Ans. Fully taxable allowances are allowances that are subject to tax. Some examples of fully taxable allowances include dearness allowance, city compensatory allowance, and special allowance. These allowances are added to the taxable income of the employee and are taxed accordingly.
| 4. How are allowances taxed? | |
Ans. Allowances are taxed based on their nature. Some allowances are exempted from tax, while others are fully taxable. The exempted allowances are not included in the taxable income, whereas the fully taxable allowances are added to the taxable income and taxed accordingly.
| 5. Can allowances be claimed as deductions while filing taxes? | |
Ans. No, allowances cannot be claimed as deductions while filing taxes. Allowances are already deducted from the taxable income before calculating the tax liability. Only specific deductions, such as medical expenses or home loan interest, can be claimed while filing taxes.
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Nov 16, 2024 Last updated |
Video Description: Allowances, Exempted and Fully Taxable Allowances for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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