Valuation of perquisite in respect of Motor Car
This query is : Resolved
26 August 2010
Please help me to provide a note on valuation of perquisite in respect of Motor cars - reimbursement of Petrol and Driver salary. Also I would like to know other non taxable reimbursement head of expenses
26 August 2010
Usage Purpose
Perk Value
I. If Motor Car is Owned by employer & running and maintenance expenses are incurred
or reimbursed by Employer
Official purposes only
No perquisite, if specified conditions satisfied.
Private purposes only
Actual expense incurred by employer
Add: 10% p.a of Actual Cost of Car or Hire charges of Car
Add: Salary to Driver
Less: amount recovered from employee
Partly Official & partly Private purposes.
Upto 1600CC : Rs 1,800 p.m
Above 1600CC : Rs. 2,400 p.m
Add: If driver provided : Rs.900 p.m
Less: amount recovered from employee
II. If Motor Car is Owned by employee & running and maintenance expenses are incurred or reimbursed by Employer
Official purposes only
No perquisite, if specified conditions satisfied.
Private purposes only
Actual expense incurred by employer as
Less : Amount recovered from employee.
Partly Official & partly Private purposes
Actual expense incurred by employer
Less: amount recovered from employee
Less: Upto 1600CC : Rs. 1,800 p.m
Above 1600CC : Rs. 2,400 p.m
Less: If driver provided : Rs.900 p.m
III. If Motor Car is Owned by employer & running and maintenance expenses are incurred by Employee
Official purposes only
No perquisite, if specified conditions satisfied.
Private purposes only
10% p.a of Actual Cost of Car or Hire charges of Car
Add: Salary to Driver (if paid by employer)
Less: amount recovered from employee
Partly Official & partly Private purposes.
Upto 1600CC : Rs 600 p.m
Above 1600CC : Rs 900 p.m
Add: If driver provided : Rs.900 p.m
Less: amount recovered from employee
IV. If Any other Automotive Conveyance is Owned by employee & running and maintenance expenses are incurred or reimbursed by Employer
Official purposes
only No perquisite, if specified conditions satisfied.
Partly Official & partly Private purposes.
Actual expenditure incurred by employer
Less: amount recovered from employee
Less: Amount for Official use Rs.900 p.m
Perk Value
I. If Motor Car is Owned by employer & running and maintenance expenses are incurred
or reimbursed by Employer
Official purposes only
No perquisite, if specified conditions satisfied.
Private purposes only
Actual expense incurred by employer
Add: 10% p.a of Actual Cost of Car or Hire charges of Car
Add: Salary to Driver
Less: amount recovered from employee
Partly Official & partly Private purposes.
Upto 1600CC : Rs 1,800 p.m
Above 1600CC : Rs. 2,400 p.m
Add: If driver provided : Rs.900 p.m
Less: amount recovered from employee
II. If Motor Car is Owned by employee & running and maintenance expenses are incurred or reimbursed by Employer
Official purposes only
No perquisite, if specified conditions satisfied.
Private purposes only
Actual expense incurred by employer as
Less : Amount recovered from employee.
Partly Official & partly Private purposes
Actual expense incurred by employer
Less: amount recovered from employee
Less: Upto 1600CC : Rs. 1,800 p.m
Above 1600CC : Rs. 2,400 p.m
Less: If driver provided : Rs.900 p.m
III. If Motor Car is Owned by employer & running and maintenance expenses are incurred by Employee
Official purposes only
No perquisite, if specified conditions satisfied.
Private purposes only
10% p.a of Actual Cost of Car or Hire charges of Car
Add: Salary to Driver (if paid by employer)
Less: amount recovered from employee
Partly Official & partly Private purposes.
Upto 1600CC : Rs 600 p.m
Above 1600CC : Rs 900 p.m
Add: If driver provided : Rs.900 p.m
Less: amount recovered from employee
IV. If Any other Automotive Conveyance is Owned by employee & running and maintenance expenses are incurred or reimbursed by Employer
Official purposes
only No perquisite, if specified conditions satisfied.
Partly Official & partly Private purposes.
Actual expenditure incurred by employer
Less: amount recovered from employee
Less: Amount for Official use Rs.900 p.m
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
- Selecting Tax Regime while for calculating tax relief on under Section89 of income tax act 1961.
- Cloud service
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Applicability of RCM on Frieght Inward supplies received from un-registered person
- GST on Fresh Juice Center(Sugarcane)
- Running non ac bus under contract with roadways
- GST ITC on Liquidated damages
- SECTION 194T
- GST ON FOREIGN CLIENT
- Can we issue an invoice today
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
- Clarification Required on GST Rate & HSN Classification – Millet-Based Probiotic Drink
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
