As per Wikipedia, An Allowance is an amount of money allotted or given usually at regular intervals for a specific purpose. Allowance is given in addition to salary to meet specific requirements of salaried employee. In India, Income Tax Planning is very myopic. It is only restricted to investment, investment and investment. As i highlighted in my post, 7 Financial Mistakes You should Avoid that "FREE ADVICE" is responsible for this myopic approach towards tax planning. A tax planner should look beyond "Investments". He should provide 360 degree guide to tax payer on how to SAVE TAX. ... Read More
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