CA Final
592 Points
Posted on 17 August 2011
Act says Rs.50 per meal is exempted.
many companies fallowing
3000 p.m is exempted from tax excess over taxable in the hands of Employees.
i.e., 50 per meal, providing 2 meals per day so 100 per day. hence 3000 per month is exempted excess over taxable as perquisite
hence the taxable portion will attract TDS based on the slabs
- Ashok