Hi all,
I want to know about the taxability on reimbursement of expenses in the hands of the employee and the maximum cap/limit of the same. For example, if the company reimburses the telephone expenses, petrol expenses, books, driver's salary, car maintenance, etc., then:
1. What is the maximum cap/limit for claiming such expenditure that can be fixed by the company for such expenses?
2. Under which section of the Income Tax Act can the deduction be claimed by the employee, or under which section is it not taxable?
3. If a breakup can be given, please provide like:
- on Telephone
- on Petrol
- on Car Maintenance
- on Driver's Salary
- on medical expenses
- on Telephone expenses
Please reply soon; it's really very urgent.
From India, Bhopal
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I want to know about the taxability on reimbursement of expenses in the hands of the employee and the maximum cap/limit of the same. For example, if the company reimburses the telephone expenses, petrol expenses, books, driver's salary, car maintenance, etc., then:
1. What is the maximum cap/limit for claiming such expenditure that can be fixed by the company for such expenses?
2. Under which section of the Income Tax Act can the deduction be claimed by the employee, or under which section is it not taxable?
3. If a breakup can be given, please provide like:
- on Telephone
- on Petrol
- on Car Maintenance
- on Driver's Salary
- on medical expenses
- on Telephone expenses
Please reply soon; it's really very urgent.
From India, Bhopal
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Proposed Reimbursement of Petrol & Diesel Expenses Policy.doc