post FBT, what is the taxability of meal and gift vouchers forming part of CTC.
what is the maximum amount upto which these can be issued.
how to show them in salary slip and Form 16A/12BA.
Shipra Agarwal (manager - accounts) (56 Points)
03 August 2012post FBT, what is the taxability of meal and gift vouchers forming part of CTC.
what is the maximum amount upto which these can be issued.
how to show them in salary slip and Form 16A/12BA.
G.M.Muthu
(Associate)
(54 Points)
Replied 03 August 2012
Meal & Gift Voucher paid by employer are treated as pequsites in the purview IT Act.However As per IT
Meal Vochers:
Rule (Rule 3(7)(iii)) states that value of free food and non-alcoholic beverages or meal vouchers provided by the employer is exempt from income tax to the extent of Rs. 50 per meal.
Gift Vochers:
The value of any gift, or voucher, or token in lieu of which such gift may be received by the employee or by member of his household on ceremonial occasions or otherwise from the employer, shall be determined as the sum equal to the amount of such gift. The perquisite is taxable. Where, however, the value of such gift, voucher, or token, as the case may be, is below Rs. 5,000 in the aggregate during the previous year, the value of perquisites shall be taken as Nil.
Therefore it will Appear in Form 12BA
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
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