A public ltd company not provide car to his senior management staff for residence to factory and back , but provide a good sum say 25000/- p.m for reimburshment of conveyance exp .The amount is fixed for the month.One of an employee purchase a car and maintain log book showing detail of journey and that is only for office purpose.Bank installment , diesel exp,driver salary amounted to Rs 23000 to 25000 p.m.Please adivce whether he can get exemption of his actual exp while calculating Income tax from salary.If any additional record to be maintained ,pls specify the same.
CAclubindia
