Client received Rs 97500 towards reimbusment ( for the purchase of Furniture)., from a leading bank. Apart from this Rs 55500 and Rs 45000 has been recived by him towards Transfer allowance and Halting & training expenses respectively. What are the tax consequenses of the aforementioned receipts.
1 Replies
C.A. abhishek
(ManagementConsultant@KPMG )
(521 Points)
Replied 25 June 2011
the reimbursement from a leading bank will be treated as a monetary perquisite or the expenses reimbursed by employer and hence shouldnt be taxable in the hands of the employee.....other items also such as transfer expenses etc. shall not be taxable to the employee as these are the expenses incured by the employer for the posting/transfer of an ee to another place for the purpose of employment........that is what i think should be
Recent Topics
- SECTION 148 PROCEEDING
- GST AUDIT 01 - NOTICE
- Capital gain purchase date
- Transmission of deceased's shares in physical form
- Income tax notice but unable to file updated retur
- Income tax depreciation deductions
- GST Notice (Under Section 73)
- Asset Declaration in ITR2 for flat purchased in jo
- Active pan but invalid
- SECTION 128A For those who filed appeal and order
Related Threads
Trending Online Classes
-
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
Mr.Balamurugan Ranganathan13 March 2025
CAclubindia
