RAMESH (Expert) (93 Points)
06 March 2010Hi Friends,
For computation of employees Income tax on salaries. What is taxable components and what is non-taxable components on the following components.
1. Books & Periodicals
2. Attire Allowance
3. Driver re-imbursement and Vehicle maintenance
4. Assisstant Allowance
5. Conference fee re-imbursement
6. Gratuity
7. Exgratia
Thanks & Regards
Friend
RAMESH
(Expert)
(93 Points)
Replied 06 March 2010
3. Driver re-imbursement and Vehicle maintenance read as Vehicle Maintanence and Driver salary
SAMIR
(SERVICE)
(27 Points)
Replied 28 March 2012
1. Books & Periodicals - Non Taxable if the Books & periodicals used for purchase of official & business related books.
2. Attire Allowance : It is somewhat simmilar to Uniform allowance, which is non taxable, the limit is not mentioned any where but it is better to restrict to maximum 7.5% of the Total CTC.
3. Driver re-imbursement and Vehicle maintenance - Refer Perquisite rules for this. However some companies considered this as an reimbusement on submission of actual proof, and consider this as Non Taxable.
4. Assisstant Allowance - Non Taxable if directly paid to Assistant by the Company.
5. Conference fee re-imbursement - Non Taxable.
6. Gratuity - Taxable Refer Section 10
7. Exgratia - Taxable
CAclubindia
