taxability of Conveyance Reimbursement by company
This query is : Resolved
20 December 2007
hi !
all
plz advise me on the following matter:
my company reimburse conveyance expenses of residence to factory every month.
whether it is taxable? and if yes under which section of I.TAX ACT and in which hand employee or employer?
rakesh kumar
all
plz advise me on the following matter:
my company reimburse conveyance expenses of residence to factory every month.
whether it is taxable? and if yes under which section of I.TAX ACT and in which hand employee or employer?
rakesh kumar
20 December 2007
please advise
20 December 2007
hi rakesh,
if we treat the same as conveyance allowance, the same is exempt upto Rs.800p.m. The excess amount shall be taxed in the salary income in the hands of the employee.
if the same is treated as a re-imbursement of travelling expenses the same shall be considered under conveyance head and shall be subject to FBT taxed in the hands og the employer.
Rgds/
Vineet
if we treat the same as conveyance allowance, the same is exempt upto Rs.800p.m. The excess amount shall be taxed in the salary income in the hands of the employee.
if the same is treated as a re-imbursement of travelling expenses the same shall be considered under conveyance head and shall be subject to FBT taxed in the hands og the employer.
Rgds/
Vineet
26 December 2007
hi
Vineet
actually i want to know what should i treat it, whether it is conveyance allowance or transport allowance?
Actually we are just reimburse it between residence to factory
please
regards
CA. rakesh kumar
Vineet
actually i want to know what should i treat it, whether it is conveyance allowance or transport allowance?
Actually we are just reimburse it between residence to factory
please
regards
CA. rakesh kumar
26 December 2007
Ya Rakesh,
I think it is reimbursemt and hence not taxable in your hand but I think FBT will Be payable by Company.
I think it is reimbursemt and hence not taxable in your hand but I think FBT will Be payable by Company.
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