Exemption u/s 10 & 17
This query is : Resolved
20 March 2014
Dear Sir
Company gives allowances like HRA,LTA,Transport,vehicle maint. to his employee.
Now question is what are the liability on companyside in income tax ?
if any libility comes on company let me know ?
Company gives allowances like HRA,LTA,Transport,vehicle maint. to his employee.
Now question is what are the liability on companyside in income tax ?
if any libility comes on company let me know ?
20 March 2014
1. The company is required to deduct TDS u/s 192 on the salary paid to the employees.
2. HRA and LTA are exempt to a certain extent. the company has to obtain proof fro the same.
HRA - rent receipt or rent agreement. Further if the rent paid for the year exceeds Rs. 1 lakhs, then PAN of landlord is also required.
LTA - Tickets or proof of expense incurred on travelling.
2. HRA and LTA are exempt to a certain extent. the company has to obtain proof fro the same.
HRA - rent receipt or rent agreement. Further if the rent paid for the year exceeds Rs. 1 lakhs, then PAN of landlord is also required.
LTA - Tickets or proof of expense incurred on travelling.
21 March 2014
Dear sir
we give petrol allowance (for marketing )to sales person should it be count in total salary or it is deduct from salary while deducting TDS ?
Is it one kind of incentive ?
we give petrol allowance (for marketing )to sales person should it be count in total salary or it is deduct from salary while deducting TDS ?
Is it one kind of incentive ?
21 March 2014
Petrol allowance is taxable in the hands of the employee.
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