If the co. annouance the staff benefit as to give Sudexo Meal/Food coupns @ Rs.1,300/month.
Few of the employee has requested that in lieu of Sudexo coupans the benefit shall be paid in cash.
My question to my seniors is that this type of benefit can be reimbruse in cash or not, second if paid in cash did this cash transation attracts PF compliace, or is it justify to compentate the decelared benefit in cash.
Regards,
Kosh
====
From India, Delhi
7Few of the employee has requested that in lieu of Sudexo coupans the benefit shall be paid in cash.
My question to my seniors is that this type of benefit can be reimbruse in cash or not, second if paid in cash did this cash transation attracts PF compliace, or is it justify to compentate the decelared benefit in cash.
Regards,
Kosh
====
From India, Delhi
Dear Friend,
Sodexo pass is one of the tax saving options for employees, In lieu of this company cannot give cash benefit. If any employee do not want avail/take sodexo passes he can request to Hr/Fiance department for stop issuing sodexho coupons. Based on request they can transfer the amount to special allowance which is taxable.
the aforesaid answer is according to my view only,if you wait some more time I am sure our seniors will give you appropriate answer.
I wish you all the best.
From India, Hyderabad
Sodexo pass is one of the tax saving options for employees, In lieu of this company cannot give cash benefit. If any employee do not want avail/take sodexo passes he can request to Hr/Fiance department for stop issuing sodexho coupons. Based on request they can transfer the amount to special allowance which is taxable.
the aforesaid answer is according to my view only,if you wait some more time I am sure our seniors will give you appropriate answer.
I wish you all the best.
From India, Hyderabad
dear koshish1971
the meal pass is issed as per the guidelines of the incometax laws. they are exempt from income tax.
cash in lieu of these first will attract income tax. i don't think cash in lieu of meal pass is allowed.
but the company can give cash benefits like canteen subsidy, meal charges etc. but all these will be taxed by the (finance department) government.
AS FOR AS ur question reg the attraction of PF, well, there is definition in the PF act on salary to include any meal concession given to the employee. but in practice none of the companies are following. i doubt many knows about this
as per my knowledge i hv given my opinion
thanks
dr nagaraj
From India, Bangalore
the meal pass is issed as per the guidelines of the incometax laws. they are exempt from income tax.
cash in lieu of these first will attract income tax. i don't think cash in lieu of meal pass is allowed.
but the company can give cash benefits like canteen subsidy, meal charges etc. but all these will be taxed by the (finance department) government.
AS FOR AS ur question reg the attraction of PF, well, there is definition in the PF act on salary to include any meal concession given to the employee. but in practice none of the companies are following. i doubt many knows about this
as per my knowledge i hv given my opinion
thanks
dr nagaraj
From India, Bangalore
In CTC system, the employee can opt for Sodexo/Accor meal coupons for availing tax exemption. If he does not opt for food coupons, it will be treated as taxable income. To answer your query, Sodexo or anyother meal passes are not compulsory and it is the option of employee.
regards
R.Ponraj
From India, Lucknow
regards
R.Ponraj
From India, Lucknow
If employee request cash benefit in lieu of sudexho. This would be part of taxable income. It would attract tax.
The cash benefit will not attract PF contribution. The cash benefit not a part of Basic salary.
Thanks & Regards.
Krishnamoorthy.D
From India, Eluru
The cash benefit will not attract PF contribution. The cash benefit not a part of Basic salary.
Thanks & Regards.
Krishnamoorthy.D
From India, Eluru
Please note this is not a meal concession moreover this act is more applicable in factories and to all those whose basic is less than Rs. 6500/- as they are covered under the included PF category and normally they dont get these kind of coupons. Hope it clarifies.
From United Kingdom
From United Kingdom
You can simply have sodexo meal pass as an option to employees in their monthly salary component as like lunch allowance, who ever wanna opt for this benefit as sodexo meal coupons can avail the tax benift and the rest can get it along with their monthly salary as cash so that they will attract tax as per laws.
PF is calculated on Basic + DA, so there wont be any impact on PF.
From India, Madras
PF is calculated on Basic + DA, so there wont be any impact on PF.
From India, Madras
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