Deductions under clause (i) as it stood prior to its substitution, and under clauses (iii) to (v) as they stood prior to their omission, by Finance Act, 1974 with effect from 1-4-1975 - Clarifications on certain issues retained in the compendium for reference purposes

Deductions under clause (i) as it stood prior to its substitution, and under clauses (iii) to (v) as they stood prior to their omission, by Finance Act, 1974 with effect from 1-4-1975 - Clarifications on certain issues retained in the compendium for reference purposes https://www.taxtmi.com/circulars?id=4449 Standard deduction for maintenance and wear-and-tear of an employee's conveyance is allowable only where the vehicle is owned and used for employment; temporary non-use during repairs is included if certified. Non-owners and owners of non-motorized conveyances are entitled to the fixed standard deduction without proving travel expense and this deduction must be considered when calculating tax at source. Ownership is determined by legal registration, and employee declarations are adequate for TDS purposes; supporting lists, vouchers and certificates should be furnished at assessment to establish amounts and employment-related proportions. en-us Tue, 04 Aug 1970 00:00:00 +0530 Sat, 09 Aug 2008 11:44:00 +0530 TaxTMI RSS Generator Deductions under clause (i) as it stood prior to its substitution, and under clauses (iii) to (v) as they stood prior to their omission, by Finance Act, 1974 with effect from 1-4-1975 - Clarifications on certain issues retained in the compendium for reference purposes https://www.taxtmi.com/circulars?id=4449 Standard deduction for maintenance and wear-and-tear of an employee's conveyance is allowable only where the vehicle is owned and used for employment; temporary non-use during repairs is included if certified. Non-owners and owners of non-motorized conveyances are entitled to the fixed standard deduction without proving travel expense and this deduction must be considered when calculating tax at source. Ownership is determined by legal registration, and employee declarations are adequate for TDS purposes; supporting lists, vouchers and certificates should be furnished at assessment to establish amounts and employment-related proportions. Circulars Income Tax Tue, 04 Aug 1970 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4449