Dear Srikanth Garu,
Earlier we have medical and convenience tax exemption instead of that now we have standard deduction 40Kper year without proofs.
Here I have some doubts
1. Earlier if employee opted convenience then employee can’t claim fuel and maintains, but now there is no convenience component so is employee can claim fuel and maintenance.
2. Coming to fuel and maintenance we are having two options
Personal car or company car
1800+900 (1.6CC)
In this my question is
In our company employees are submitting more than above mentioned amount
For example fuel and maintenance 50000/Rs, driver salary 16000/Rs per month.
Who are giving excess tax exemption on what basis?
As per government
1.6CC Driver Salary
Per month 1800 2400 900
Per Year 21600 28800 10800
Employee submitting like below
Fuel and Maintenance For example 50000/Rs per year
Deriver Salary 16000 per month
Can you please explain to us with an example?
You can go through this https://financialcontrol.in/car-allowance-income-tax-liability/ I hope it will help you out.
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