Project Allowance #

What is project allowance? #

Project allowance is paid by the employer to the employees who are engaged in a specific project to compensate for the expenses incurred due to their engagement in the project. Project allowances are usually paid for a particular project, or another specific branch of work in an organization and often it is temporary and fully taxable at the hands of the employees. Project Allowance is an amount of money paid to employees as part of their salary component to cover their expenses incurred in projects of the organization.

Project allowance cost sheet #

Project allowance means the total amount of financial assistance given by the company to its employees to compensate for the time, effort, and expenses of an employee they meet when delivering the projects managed by the company. Employee project allowance sheet is to be included with a cost sheet along with a brief description, gross value of the allowance, applicable tax rate, and the total value including tax.