Has the valuation of motor car for tax purposes (perquisites) changed from
old - new
1200 - 1800
1600- 2400 ??
is it true or the limit hasnt changed? please advice soon
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TAX QUERY
Replies (3)
New perquisites valuation rules for Assessment Year 2010-11 are replica of old rules
One of the key amendments has been in the taxability of car and driver facility provided by the employer. Motor car used for official purpose continues to be tax-free. Similarly, there is no change invaluation norms for motor car owned by the employer and provided to the employee exclusively for personal purposes.
The change in valuation norm has been made for cases where motor car and driver are provided by an employer for official and personal purposes, which has essentially increased by 50%; however, the taxability in such cases, considering the expenditure that may be incurred towards this facility, still remains nominal.
Similarly, the relief for use of employee-owned cars for official and personal purposes has been increased by 50%, resulting only in a marginal relief to theemployees
For May2010 attempt, 1200, 1600, 400, 600 plus 600 p.m. for chauffeur
From Nov2010 attempt, 1800, 2400, 600, 900 plus 900 p.m. for chauffeur
| Originally posted by : Adarsh | ||
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For May2010 attempt, 1200, 1600, 400, 600 plus 600 p.m. for chauffeur From Nov2010 attempt, 1800, 2400, 600, 900 plus 900 p.m. for chauffeur |
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