Credit Card Given by Company to Employee - Taxability of Perquisites


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QUESTIONS

Q 1 .

Basic salary = 20,000 p.m.

Company has given a credit Card to the Employee through which he incurred his personal expenses

Company paid a bill of  Rs.40000  and annual membership of   Rs.1,000

Also on Add-on Card has been issued  which is used by Employee wife (No membership fees for Add-on Card but  amount spent by Employees wife Rs.30,000 which is reimbursed by the company)

Calculate income from salary .

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Q.2

Suppose the company charges Rs.50000 from the Employee regarding  the credit Card

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  1. Income Tax
  2. Income from Salaries

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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides GST Training in Delhi. Register now.