CAR REIMBURSEMENT & CONVEYANCE ALLOWANCE
This query is : Resolved
Soumitra Biswas
(Querist)
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
(Expert)
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
(Querist)
12 September 2010
But Car Reimb is not a perquisite.It is in my current CTC.
13 September 2010
Reimbursement of petrol bills is a perquisite. & the same is taxable as per existing IT rules.
CMA Ramesh Krishnan
(Expert)
13 September 2010
agree With Mr.Subhash Kumar Jha
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