Car hire reimbursement
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 January 2013
The company has provided a facility in which an employee can purchase car on loan in his name and downpayment will be given by the employer also the emi calculated monthly in salary and then in turn from employee account emi would be deducted by the loan provider.
what would be the tax implications ?The amount is purely for emi as reimbusrement, how can one save tax.
what would be the tax implications ?The amount is purely for emi as reimbusrement, how can one save tax.
CA PARAS BAFNA
(Expert)
23 January 2013
As the EMI is being added to the salary of employee, it is already being treated as taxable for the employee so no further tax incidence arises in case. This emi reimbursement is becoming taxable as mentioned above.
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It would be better, had the company itself would have purchased the car.
.
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It would be better, had the company itself would have purchased the car.
.
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