New Delhi, July 30 -- For taxpayers, reducing individual tax liabilities through legitimate exemptions is an important part of long-term financial planning. It also helps foster compliance with tax authorities when an individual strives to meet deadlines and legitimately reduce their tax liability.

In the same light, one important provision that has garnered attention is Section 10(14)(i) of the Income Tax Act. This section provides exemptions for certain employee allowances. However, the provision is often overlooked and misunderstood.

This eventually leads some taxpayers to make claims without fully understanding the eligibility conditions.

CA & Advocate, Kinjal Bhuta, Joint Secretary, Bombay Chartered Accounts Society (BCAS), explai...