sushil kumar (finance) (26 Points)
25 September 2011
Mr. A has been provided two motor cars , one of these is large and another is small. the cars are used in personal use also . The company bears the expenses for only office use the cost of large car is Rs. 600000 and of small car it is Rs. 300000. the expenses relating to cars are Rs. 80000 and Rs. 60000 respectively . what is the taxable part in salary
Vibhor Pandey
(FINAL)
(106 Points)
Replied 25 September 2011
In This case mr. A has an option to choose any one of those 2 cars which is taxble as car is used partly for official and partly for private purpose of employee or any member of his household.Certainly he will choose the car worth Rs. 600000 , taxable as follows..
2400 (cubic capacity 1600cc assumed) *12 = Rs. 28800
If Chauffeur is provided then we add Rs. 900 per month in above calculation.
Now the remaining car is valued as the car fully used for private purpose or any member of his household.
actual expenses incurred by employer = 60000
10% of actual cost of car (300000*10%)= 30000
value of perk =90000
total value of perk car 1 =28800
car 2 = 90000
Total= 118800
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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