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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Clarification on Taxation of Pilot Allowances: Kit Maintenance Exempt, Insurance Premiums Non-Taxable, Special Travel Allowance Taxable.</h1> The circular addresses the taxability of three allowances for pilots: Kit Maintenance Allowance, Reimbursement of Premium Amount, and Special Travelling Allowance. Kit Maintenance Allowance, used for uniform upkeep, is exempt under section 10(14) of the Income-tax Act, 1961. Reimbursement of insurance premiums for pilot licenses is not considered a taxable perquisite, but compensation received for license loss is taxable. The Special Travelling Allowance is taxable as additional remuneration. These instructions apply from the assessment year 1975-76, with relief for prior assessments if completed under previous instructions. Appeals may be conceded based on these guidelines.
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