11 September 2009
WHETHER FOOD COUPONS GIVEN BY THE EMPLOYER IS TAXABLE IN THE HANDS OF EMPLOYEE IF EMPLOYER IS NOT LIABLE TO FBT AFTER ABOLITION OF FBT?
IF NOT UPTO HOW MUCH LIMIT IT IS NON-TAXABLE? RS. 50 PER MEAL OR MORE THAN THAT.
IF IT IS EMEMPTED UPTO RS. 50 PER MEAL, THEN FOR HOW MUCH MEAL PER DAY IT IS EXEMPTED?
11 September 2009
The Central Board of Direct Taxes has clarified that employees are not to be taxed when they are issued non-transferable food coupons usable only at food outlets.
There is no limit laid down by law on the amount that can be paid through such coupons.
CAclubindia
