Dear Fraternity, Hope all are well and safe.
I have a doubt in Income Tax exemption regarding Free meals (Free food and beverages provided to the employee) in Perquisites 17 (2) for the Financial Year 2020-21. Earlier, it was Rs.50 per meal and can be claimed two meals per day i.e., Rs.26400/- per year. But currently, it's not saying about 2 meals per day. Can you please advise?
Also, I assume this is an exemption that can be claimed by an employee. Kindly advise.
From India, Thiruvananthapuram
11I have a doubt in Income Tax exemption regarding Free meals (Free food and beverages provided to the employee) in Perquisites 17 (2) for the Financial Year 2020-21. Earlier, it was Rs.50 per meal and can be claimed two meals per day i.e., Rs.26400/- per year. But currently, it's not saying about 2 meals per day. Can you please advise?
Also, I assume this is an exemption that can be claimed by an employee. Kindly advise.
From India, Thiruvananthapuram
Hello Binoy
Fully Taxable: Free meals in excess of Rs. 50 per meal less amount paid by the employee shall be a taxable perquisite
However, Following free meals shall be exempt from tax
a) Food and non-alcoholic beverages provided during working hours in remote areas or in an offshore installation;
b) Tea, Coffee, or Non-Alcoholic beverages and Snacks during working hours are tax-free perquisites;
c) Food in office premises or through non-transferable paid vouchers usable only at eating joints provided by an employer is not taxable, if the cost to the employer is Rs. 50(or less) per meal.
Regards
Adv. Shivam Kumar
Taxblock India Pvt. Ltd.
https://taxblock.in/
From India, Pune
Fully Taxable: Free meals in excess of Rs. 50 per meal less amount paid by the employee shall be a taxable perquisite
However, Following free meals shall be exempt from tax
a) Food and non-alcoholic beverages provided during working hours in remote areas or in an offshore installation;
b) Tea, Coffee, or Non-Alcoholic beverages and Snacks during working hours are tax-free perquisites;
c) Food in office premises or through non-transferable paid vouchers usable only at eating joints provided by an employer is not taxable, if the cost to the employer is Rs. 50(or less) per meal.
Regards
Adv. Shivam Kumar
Taxblock India Pvt. Ltd.
https://taxblock.in/
From India, Pune
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