Would like to know what are the Non-Taxable Components of Salary that an employer can provide their employees. Also, is there any fringe benefit tax that employer will have to pay. What proofs are to be submitted by the employee to claim exemption on this and when do they have to submit the documents - monthly/quarterly/annually ?
1 Answers
There is already a question which covers this point: Tax exemption component for salaried employee
FBT (Fringe benefit tax) has been abolished and now fringe benefits are taxable in hands of employees on their perquisite values.
Employee need to submit original bills for telephone, internet, petrol, driver salary expenses in order to make them non taxable.
Thank You Sir.
Do the employees have to submit the originals bills for telephone, internet, etc on monthly basis ?
It depends on employer's policy. They may collect bills on monthly/quarterly/yearly basis.
But yes, original bills needs to be submitted. In case of electronic bills (phone/internet), a printout may be accepted.
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