Annual Information Statement

Tax Glossary Definition

Annual Information Statement

Allowance – An allowance is a predetermined amount of money that an employer provides to an employee to meet certain expenses connected with their job role or personal requirements. It is paid in addition to the basic salary and can be fully taxable, partially exempt, or completely exempt depending on its nature and the relevant provisions of the Income Tax Act, 1961.

Example: Common examples include House Rent Allowance (HRA), which helps employees meet accommodation expenses, and Travel Allowance, granted to cover expenses incurred while traveling for official work.

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