Loginmiraclelogistics
Asso.prof.(commerce & Management) Pg
Snel
Hr Executive

Thread Started by #snel

Hi Seniors,
I have a query regarding CTC.
As per the existing compensation structure, Meal Voucher, Medical Reimbursements & Leave Travel Allowance are part of the annual CTC.
You have been given a one-time, irrevocable option to discontinue any/all of the below and include them as part of Special Allowance -
a) Meal Voucher
b) Medical Reimbursements
c) Leave Travel Allowance
I would like to know which is beneficial as per employee's point of view.
Please suggest
6th April 2017 From India, Mumbai
Most of the employee related benefits when paid is cash/cheque/cr.to a/c etc. as allowances or perks in kind would attract IT subject to limits provided in the IT Act. It's always safe to claim as reimbursements, which again subject to limits, however comparatively beneficial. That's why benefits like LTA, Children Edu.Allw, conveyance, medical exp. etc. are claimed at actuals subject to producing bills & vouchers for actually incurred as per their policy. Though reimbursements also taxable over and above the limits as per IT it could be bearable. May youngsters are not expected not spend much on medical care and encouraged to take tours with family as refresher. There are also other allowances paid at difference levels therefore Consider these options with an eye on taxablity.
7th April 2017 From India, Bangalore
Reply (Add What You Know) Start New Discussion

Cite.Co - is a repository of information created by your industry peers and experienced seniors. Register Here and help by adding your inputs to this topic/query page.
Prime Sponsor: TALENTEDGE - Certification Courses for career growth from top institutes like IIM / XLRI direct to device (online digital learning)





About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2019 Cite.Co™