post FBT, what is the taxability of meal and gift vouchers forming part of CTC.
what is the maximum amount upto which these can be issued.
how to show them in salary slip and Form 16A/12BA.
Menu
Meal vouchers & gift vouchers
Replies (1)
Meal & Gift Voucher paid by employer are treated as pequsites in the purview IT Act.However As per IT
Meal Vochers:
Rule (Rule 3(7)(iii)) states that value of free food and non-alcoholic beverages or meal vouchers provided by the employer is exempt from income tax to the extent of Rs. 50 per meal.
Gift Vochers:
The value of any gift, or voucher, or token in lieu of which such gift may be received by the employee or by member of his household on ceremonial occasions or otherwise from the employer, shall be determined as the sum equal to the amount of such gift. The perquisite is taxable. Where, however, the value of such gift, voucher, or token, as the case may be, is below Rs. 5,000 in the aggregate during the previous year, the value of perquisites shall be taken as Nil.
Therefore it will Appear in Form 12BA
Recent Threads
- 234 f penalty
- GST REGISTRATION FOR CARPENTER WORK
- Standard deduction for family pensioners
- Concerning tax savings or understanding the long-t
- F&O losses
- Is form 10 IE needed in this case?
- TDS on purchase of property more than 50 lakhs
- Withdrawal from post NSS
- Section 10(11) or 10(12) of exempted income
- New income tax act
Related Threads
CAclubindia
