In case of car perquisite valuation, if the car is owned by employee and used wholly for official purpose, there is no perquisite.
Now, if I incur say Rs. 50000/- during the month on petrol & maintenance and company pays me Rs.36000/- as petrol and maintenance allowance and my usage of car for company purpose (in terms of value in kms calculated at average rate) is Rs. 40000/-, can I say that I have used company car fully for official purpose since, my expenses on car used for company purpose has exceeeded my allowance received from company.
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