Dear Freinds,
Its urgent
In a company Salary Part-B is given under the Head as Car Fuel , Car Driver, Car Maintenance &Insurance, Society charges, Residence Telephone, Mobile expenses as Fixed component and also on Actual bills, employee to employee it differs.Earlier company gives FBT on it. My Question is that:-
1.As it is a Fixed part in salary should it be treated as allowance or perquisites?
2.If it is allowance then these are fully taxable?
3.Can it be treated as perquisites as company takes the Bill against each expenses as reimbursement tough it is a part of Salary is it applicable as per IT Act?
4. What is taxability of these components now after NOTIFICATION as on18 December?
PLease................................promptly and clearly answer my Questions individually
Thanks in Advance
Taxability of Perks
Nimit (Article) (47 Points)
09 January 2010