CAR REIMBURSEMENT & CONVEYANCE ALLOWANCE

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Soumitra Biswas (Querist)
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11 September 2010 I AM RECEIVING CAR REIMBURSEMENT (Rs.120000 / ANNUAL ) AS WELL AS CONVEYANCE ALLOWANCE (Rs. 800 / MONTH ).HOWEVER COMPANY IS DENYING EXEMPTION ON BOTH SIMULTANEOUSLY.EVERY YEAR I PROVIDE BILLS FOR MY CAR REIMBURSEMENT.COMPANY SAID THEY ARE EXEMPTING ONLY CAR REIMBURSEMENT & DEDUCTING TAX ACCORDINGLY.WHAT ACT SAYS IN THIS MATTER.PLEASE HELP..

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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11 September 2010 your employer is right, Car reimbursement exemption as per Perqusite valuation rules, conveyance allowance is taxable while you are receving car reimbursment

Soumitra Biswas

Soumitra Biswas (Querist)
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12 September 2010 But Car Reimb is not a perquisite.It is in my current CTC.

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
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13 September 2010 Reimbursement of petrol bills is a perquisite. & the same is taxable as per existing IT rules.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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13 September 2010 agree With Mr.Subhash Kumar Jha

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