FOOD ALLOWANCE

Our company provides Soxexho Meal Vouchers to all employees as Food Allowance @ Rs. 50 per day, i.e. Rs. 1500/- per month. The said amount is tax free in hands of employee and company bears FBT on the same. We want to increase the limit of Food Allowance.

Please someone confirm, if there is any limit on amount of food allowance to be given to employee per day? (Previously it was Rs. 50/- per day). Under what section, company can given food allowance to employee without deduction of tax?