WebFeb 9, 2024 · So, are reimbursements taxable? It depends on the situation. If the employer does not have an accountable plan, then any reimbursements, even those that are … WebAug 25, 2024 · As far as Telephone/Fuel/Driver reimbursement is concerned, in which section can be considered all these for computing the taxable income? After my thorough research I could not find any exemption that we can give as per IT (if I am wrong please correct me) except Medical Reimbursement.

Income tax exemptions for employees under flexi benefit plan

WebJul 30, 2013 · Provided that nothing in sub-clause (ii) shall apply to any allowance in the nature of personal allowance granted to the assessee to remunerate or compensate him for performing duties of a special nature relating to his office or employment unless such allowance is related to the place of his posting or residence; Previous Next While it’s not federally required, you should reimburse your employees for the business use of their personal vehicles. When you use the IRS mileage rate, the reimbursement is not taxable to your employees, and it’s a tax deduction for your small business. See more More common in the days of yore, businesses would issue company cars to salespeople and executives who often traveled by car for … See more Your business can deduct mileage reimbursement costs for business trips that exclude an employee’s regular commute. Qualified mileage reimbursement costs … See more If you live in certain states or pay employees minimum wage, you might have to reimburse them for business driving expenses. California and Massachusetts … See more Employers should create a mileage reimbursement policy that outlines: 1. What trips are subject to reimbursement 2. The reimbursement … See more doddridge county wv taxes

How to claim tax benefits on car provided by your employer

WebApr 30, 2024 · For any period if a proof is not or partially submitted, then the eligible unclaimed amount will be paid and considered under taxable income. Limit: If driver … WebIf the car is used for personal purposes by the employee - whether it’s owned by the company or personally, the expenses incurred against fuel, car maintenance and driver’s salary is fully taxable. Even when the amount is reimbursed to the employee towards the car owned by the employee used exclusively for personal use is fully taxable. WebOct 21, 2024 · 1. b) 40% of Salary (50%, if house situated in Mumbai, Calcutta, Delhi or Madras) i. Fully Taxable, if HRA is received by an employee who is living in his own house or if he does not pay any rent. ii. It is mandatory for employee to report PAN of the landlord to the employer if rent paid is more than Rs. 1,00,000. 2. doddridge law group