Frank Colaco (1 Points)
18 April 2023Hi All,
Hope you all are doing good!
I would like to know if there are any benefits in utilizing the company leased car policy with new tax regime.
How will it be helpful for me if I select new tax regime for the FY 23-24?
Thanks in advance.
CA Rakesh Ishi
(Working at Private Company)
(7995 Points)
Replied 19 April 2023
No,
The tax benefits for company-leased cars are determined based on the value of the car, the fuel type, and the usage of the car. If the car is used for official purposes only, the full cost of the lease may be claimed as a deduction. If the car is used for both official and personal purposes, the tax deduction will be limited to the proportion of official use.
CAclubindia
