Dear Friends,
We are planning to provide cars to our senior employees. All are requested to please provide necessary advice and policy to be formulated. Your valuable suggestions and early replies are highly appreciated.
Thanks and regards,
Rajkumar
Email: rajkumar@vatikagroup.com
From India, Delhi
Acknowledge(0)
Amend(0)
We are planning to provide cars to our senior employees. All are requested to please provide necessary advice and policy to be formulated. Your valuable suggestions and early replies are highly appreciated.
Thanks and regards,
Rajkumar
Email: rajkumar@vatikagroup.com
From India, Delhi
Acknowledge(0)Amend(0)
Hi,
One of the ways is that the company finances a car in its name on behalf of the employee. The relevant amount, if any required to be recovered from the employee, can be deducted directly from their salary.
In this scenario, in the salary structure, you will mention in the FBT section "Car Loan". The employee will receive a tax rebate on the EMI that will be recovered by the company. If the company wishes to finance it on its own, the same procedure can be followed.
This method benefits the company as well since this transaction will result in an increase in the company's assets.
Regards,
PG
From India, Delhi
Acknowledge(0)Amend(0)
6One of the ways is that the company finances a car in its name on behalf of the employee. The relevant amount, if any required to be recovered from the employee, can be deducted directly from their salary.
In this scenario, in the salary structure, you will mention in the FBT section "Car Loan". The employee will receive a tax rebate on the EMI that will be recovered by the company. If the company wishes to finance it on its own, the same procedure can be followed.
This method benefits the company as well since this transaction will result in an increase in the company's assets.
Regards,
PG
From India, Delhi
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Company Car Policy.doc