Driver salary as per income tax act

95 rows · *Monetary Income means Income chargeable under the salary but excluding .  · * As per the table above, where driver is not provided by the employer, the value of perquisite to be considered would be Rs.1, p.m. + Rs. p.m. (where cc engine does not exceed litres.  · But it would add Rs 1, per month for car less than CC (Rs 2, per month for bigger car) along with Rs per month for driver salary as perquisite. This perk is added to the income and taxed accordingly. Tip: Its tax efficient to get company owned car because then you can claim full reimbursement for fuel, maintenance and driver’s www.doorway.ruted Reading Time: 9 mins.

Tax exemptions on personal car, driver salary, fuel etc. 1. Driver's salary. 4. Insurance Cost on car. 30 July If you are in business then you can debit all expenses in your business and shall be allowed as an expense. (ii) Any such allowance granted to the assessee either to meet his personal expenses at the place where the duties of his. 1) How much Petrol and Driver Reimbursement component is allowed under income tax, can an company give 50% of salary as Petrol and Driver Reimbursement component so that employee saves on Tax? 2)If an employee submits all bills of Rs 50, pertaining to Petrol (30,) and Driver Reimbursement (20,) can he claim full tax benefits. Plus: driver’s salary. Plus: normal wear and tear @10% per annum of the actual cost of motor car. Less: any charges recovered from the employe. 2. If motor car is owned by the employee but running and maintenance and driver’s salary reimbursed by employer: a) Used exclusively for official purpose.

The Internal Revenue tax code considers the degree of control a business exerts over an individual and the individual's independence when determining the worker's status as an employee or an independent contractor. The employer should consi. The COVID pandemic made an unprecedented year in a vast number of ways. The greater part of society shut down to minimize the spread of the virus, which had an undeniably large impact on the economy. Pandemic-related issues left man. As the old adage goes, taxes are a fact of life. And the more we know about them as adults the easier our finances become. There are many things to learn to become an expert (this is why we have accountants), but the essentials actually are.