Perquisite on company owned car
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 March 2016
Hi
We have a car scheme for our senior employees. Under that scheme, the employee is paying 1.5 % of car value every month and we are deducting the same from special allowance to give tax benefit. We are also reimbursing the fuel bills and driver salary to those employees. The car are owned by the Company and are treated as purchased in the name of the Company, At the end of four years , the employee has an option of purchasing it or replacing it with new car.
Should perquisite applied on car or driver salary when the Car is purchased in the name of the Company ?
We have a car scheme for our senior employees. Under that scheme, the employee is paying 1.5 % of car value every month and we are deducting the same from special allowance to give tax benefit. We are also reimbursing the fuel bills and driver salary to those employees. The car are owned by the Company and are treated as purchased in the name of the Company, At the end of four years , the employee has an option of purchasing it or replacing it with new car.
Should perquisite applied on car or driver salary when the Car is purchased in the name of the Company ?
23 March 2016
Yes.. 1800 p.m. (assuming 1600 CC engine or more) for fuel and maintenance and 900p.m. for driver salary.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 1: Details for showing Exempt Income
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 2 Short Term gain & Long term gain
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- TDS 194R on GST effected
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
