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New Perquisites rules for Valuation.....

Sushmita (CA-Final(Intern)) (262 Points)

26 August 2010

Can anyone tell me are the the new perquisites rules for valuation of motor car are applicable for Nov.'10 IPCE Exam.

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radhika rawat (student) (93 Points)
Replied 30 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