expemption on perks

This query is : Resolved

Priyanka Mahajan (Querist)
Follow

22 October 2010 whts the limit of LTA exemption.
Entertainment Allowance
Reimbursements are exempted at wht level
reimbursement for books & Periodicals, vehicle re imbursement,

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

22 October 2010 There is no limit for LTA exemption, on actual expenses will be claimed

Books & periodical if reimbursed against official purpose it is exempted

Vehicle need to be valued based on perquisite valuation rules

Entertainment allowance

(a) In the case of Government employee the least of

(i) Rs.5000 or,

(ii) 20% of salary (exclusive of any other allowance), is allowable as a deduction.

(b) In the case of non-Government employees least of the
following : -

(i) Entertainment allowance regularly received from his present employer from a date prior to 1.4.1955 or,

(ii) A sum equal to 1/5th of salary (exclusive of any other allowance, benefit or perquisite) or,

(iii) Rs.7,500, is allowed as a deduction.

Priyanka Mahajan

Priyanka Mahajan (Querist)
Follow

25 October 2010 thnx sir

About Entertainment allowance,is this 7500/- only for full year or per month?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
Follow

25 October 2010 Sorry,correction in my reply, non Govt employees entertainment allowance if fully taxable, no exemption

Sorry again

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Manish Tiwari

rajkumar yadav

THUSHAR MURALI KRISHNA

Abhishek Kabra

ASHOK KUMAR TEKURU

Subscribe Now

expemption on perks

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA