26 December 2012
Kindly refer to Rule 3 (7)(iii) of the Income Tax Rules. Generally, the amt spent on free food is taxable in employees hands. Following are exceptions a) if free food is provided during office hrs at office or business premises of employer OR b) if paid thru non-transferable paid vouchers & usable only at eating joints
where value of each does not exceed Rs 50/-per meal.
27 December 2012
If co give Rs.2500 p.m. food coupon which paid thru non-transferable vouchers & usable only at eating joints. This full Rs.2500 not taxable?
CAclubindia
