There is a list of allowances means fixed amount of money given monthly or annually other than salary. There are some allowances which are taxable if no specific exemption is given under the income tax rules.
There is a list of almost all the allowances to the salary holder and income tax treatment to it.
1- House Rent Allowance (HRA):- House rent allowance is exempted form the view of income tax act u/s 10(13A). Minimum of these are exempted from the view of house rent allowance received from the following.
- House rent actually received.
- House rent paid – 10% of the salary.
- 50% of the salary if the house is on four Metros.
- 40% of the salary if the house situated on other places.
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