Can any one share more info on tax friendly "car lease" / "car rent" component as part of salary / cost to the company / perk ?
From India, Hyderabad
From India, Hyderabad
Dear Anirudha,
The best option for companies is to buy a car and allocate it to their employees for official work. This way, the company saves on depreciation, and the employees save on taxes. If the company does not want to make the purchase directly, the next best option would be to have an employee's family member (who is not a taxpayer) buy the car and then lease it to the company. The company can then assign the car back to the employee for official use.
You can choose between these two alternatives. Another option would be to lease a car from an external source and assign it to the employee.
KKT
From India, Delhi
13The best option for companies is to buy a car and allocate it to their employees for official work. This way, the company saves on depreciation, and the employees save on taxes. If the company does not want to make the purchase directly, the next best option would be to have an employee's family member (who is not a taxpayer) buy the car and then lease it to the company. The company can then assign the car back to the employee for official use.
You can choose between these two alternatives. Another option would be to lease a car from an external source and assign it to the employee.
KKT
From India, Delhi
Finding a lease transfer nowadays is becoming a little harder to do given that these sites are popping up like weeds.
One way to tell, or at least get some indication of how well you might fare when thinking of using a lease swap service, is to see how long they've been in business and how much traffic the site receives.
Lease transfers have become extremely popular with the economic situation faced daily by everyone. That's why I suggest a site called:
-----> TakeMyPayments.com <-----
Searching their database is free, and contact between the seller and the buyer is confidential.
From United States, La Puente
One way to tell, or at least get some indication of how well you might fare when thinking of using a lease swap service, is to see how long they've been in business and how much traffic the site receives.
Lease transfers have become extremely popular with the economic situation faced daily by everyone. That's why I suggest a site called:
-----> TakeMyPayments.com <-----
Searching their database is free, and contact between the seller and the buyer is confidential.
From United States, La Puente
Dear Anirudh,
Buy a car in the individual's name and let the company pay the EMI for the same. This way, the company can show all the expenses related to the car as business expenses. When the company takes the car in the name of the individual employee, they need not pay higher corporate tax. Also, don't make the car part of the employee's CTC. Thus, after three years, the company can sell the car and show depreciation in the books of accounts.
I am not very good in tax and finance, so kindly do verify the above idea with a finance person before you even think of working on the above idea.
From India, Mumbai
Buy a car in the individual's name and let the company pay the EMI for the same. This way, the company can show all the expenses related to the car as business expenses. When the company takes the car in the name of the individual employee, they need not pay higher corporate tax. Also, don't make the car part of the employee's CTC. Thus, after three years, the company can sell the car and show depreciation in the books of accounts.
I am not very good in tax and finance, so kindly do verify the above idea with a finance person before you even think of working on the above idea.
From India, Mumbai
Re: Car Lease fromat I want a fromat for car lease to make a tieup with company Can any one share more info on "car lease" / "car rent" Naga
From India, Madras
From India, Madras
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Team Lease Salary Survey 2008.pdf