19 June 2013
As a Vice President in a Company draws a salary of more than 25L per annum, under the existing laws , he pays Rs.5L as Income tax. He freqquently travels by Air, which the expenses run around Rs.20000 per month. Can we reduce the tax burden by declaring this expense under travel expenses or Allowances or benefits, so that it neither hurts the pocket of the Employee or the Employer? How it can be treated as expenditure "Exempted"?
CAclubindia
