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TAX EXEMPT REIMBURSEMENTS!

Salaried employees should plan to enjoy conveyance, telephone, entertainment & medical reimbursements! Under Section 17(2) of the Income-tax Act read with Rule 3 of the Income-tax Rules, any reimbursement granted by an employer to his employee for telephone expenses (including a mobile phone), actually incurred by an employee is treated as an exempt perquisite (perk). It is pertinent to note that there is no...

Minus FBT Shock Pay Packets Rock!

Conveyance, Telephone, Entertainment & Medical Reimbursements Get Increasing Attention After FBT Abolition! The notorious Fringe Benefit Tax (FBT) having been abolished with effect from 1st April, 2009, employers have started taking a fresh look at restructuring the pay packets of their employees to make them more tax friendly. Conveyance, telephone, entertainment and medical reimbursements paid to employees,...

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