Staff welfare expenses - limit under it act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2018
Dear Sirs,
I am running my own business . I purchased a Jewel for Rs.40,000 and the same was gifted to one of my employees whose daughter got married recently.
Can I book the entire amount as Staff Welfare Expenses ??
Please advice.
Thanks.
I am running my own business . I purchased a Jewel for Rs.40,000 and the same was gifted to one of my employees whose daughter got married recently.
Can I book the entire amount as Staff Welfare Expenses ??
Please advice.
Thanks.
03 February 2018
You can book the entire amount as staff welfare expenses . However this amount in excess of Rs.5000 will be added as a perquisite in the hands of employee and will be taxed as salary income.
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 February 2018
Thanks very much for the reply.
06 February 2018
Amount in excess of Rs.50,000/-will be added
06 February 2018
I am talking about addition to his salary as a perquisite from Income Tax Point of view. Rs.50,000 is the limit under GST.
06 February 2018
OK clear sir....sunil kumar
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