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=4500 Standard deduction for maintenance and wear and tear of employee-owned conveyances is allowable during temporary non-use for repairs if the vehicle is continuously used for employment and the certificate covers repair periods. Employees without motorised conveyances or with bicycles qualify for the prescribed monthly deduction without proving travel expenditure, and the deduction must be considered for tax deducted at source. Ownership requires registration in the employee's name; declarations of ownership and use may suffice for TDS purposes, while detailed verification and apportionment of running costs occur at assessment. en-us Thu, 14 Dec 1972 00:00:00 +0530 Wed, 30 Jul 2008 11:24:00 +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=4500 Standard deduction for maintenance and wear and tear of employee-owned conveyances is allowable during temporary non-use for repairs if the vehicle is continuously used for employment and the certificate covers repair periods. Employees without motorised conveyances or with bicycles qualify for the prescribed monthly deduction without proving travel expenditure, and the deduction must be considered for tax deducted at source. Ownership requires registration in the employee's name; declarations of ownership and use may suffice for TDS purposes, while detailed verification and apportionment of running costs occur at assessment. Circulars Income Tax Thu, 14 Dec 1972 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4500