Hi Anuja Mehta, Meal Voucher are exempted from Tax. There is no limit per month, its totally exempted.. I wish you to please reply............. Thanks, Kuwar
From India, Bangalore
From India, Bangalore
Hi,
According to section 115wb act "any food or beverages provided by employer to employee, within the office premises or Factory or through paid vouchers which are non-transferable and usable at eating joints or outlets, are expempted from tax".
The taxable income per employee can be calculated upto 15k per annum, i.e: Rs. 1250 per month (calculate only working days).
This is the infor I got about meal vouchers.
This does not carry any FBT.
Thx & Rgds,
Naveed.
From India, Madras
According to section 115wb act "any food or beverages provided by employer to employee, within the office premises or Factory or through paid vouchers which are non-transferable and usable at eating joints or outlets, are expempted from tax".
The taxable income per employee can be calculated upto 15k per annum, i.e: Rs. 1250 per month (calculate only working days).
This is the infor I got about meal vouchers.
This does not carry any FBT.
Thx & Rgds,
Naveed.
From India, Madras
Meal Vouchers are paid vouchers, given every month of salary as tax free to employees
Meal Vouchers exempted from tax as below -
Fringe Benefits Tax - 100%· exemption for the employer
Income Tax - 100% exemption for· the employee.
example - If your employees opt for Sodexho Meal Vouchers @ Rs. 40/- per working day (depends on salary) instead of cash in their salary the tax they will save on Rs. 12,480 i.e (Rs. 40/- x 26 days x 12 months) no tax on Rs. 12,480 rs
As such there is no cap limit for the meal allowances but recommended Rs. 75 per working day
Ticket Restaurant Meal Vouchers can be used as a mode of payment for purchase of food items and beverages. Typically one can use them at Restaurant, Sweet shops, Bakeries, Fast Food & to purchase groceries.
Javed hussain
From India, Thana
1Meal Vouchers exempted from tax as below -
Fringe Benefits Tax - 100%· exemption for the employer
Income Tax - 100% exemption for· the employee.
example - If your employees opt for Sodexho Meal Vouchers @ Rs. 40/- per working day (depends on salary) instead of cash in their salary the tax they will save on Rs. 12,480 i.e (Rs. 40/- x 26 days x 12 months) no tax on Rs. 12,480 rs
As such there is no cap limit for the meal allowances but recommended Rs. 75 per working day
Ticket Restaurant Meal Vouchers can be used as a mode of payment for purchase of food items and beverages. Typically one can use them at Restaurant, Sweet shops, Bakeries, Fast Food & to purchase groceries.
Javed hussain
From India, Thana
Hi
As per the latest income tax rules (C.B.D.T. Notification No.313 dated September 25, 2001) an organization can give free or subsidized meals to its employees, it will not be treated as a perquisite and therefore exempted from income tax in the hands of the employee and fully tax deductible for the company as an expense.
The meal subsidy can also be extended to employees through paid vouchers that are exchangeable for food & beverages.
Thanks
From India, Bangalore
As per the latest income tax rules (C.B.D.T. Notification No.313 dated September 25, 2001) an organization can give free or subsidized meals to its employees, it will not be treated as a perquisite and therefore exempted from income tax in the hands of the employee and fully tax deductible for the company as an expense.
The meal subsidy can also be extended to employees through paid vouchers that are exchangeable for food & beverages.
Thanks
From India, Bangalore
From the assessment year 2006-07, the value of this prequisite is nil
as the same is chargeable to fringe benefits tax. Up to the
assessment year 2005-06, these were taxable exept in the following
cases:-
1.free meals provided by the employer during office hours at office or
business premises.
2. free meals provided through non-transferable paid coupons to be
used as eating points up to Rs. 50 per meal
3.tea and snacks provided during office hours.
4. free meals provided during working hours in a remote area or an
ofshore installation.
Thus as on date these are not taxable
Hope the position is amply clear
DEEPAK THUKRAL
CHANDIGARH
From India, Chandigarh
as the same is chargeable to fringe benefits tax. Up to the
assessment year 2005-06, these were taxable exept in the following
cases:-
1.free meals provided by the employer during office hours at office or
business premises.
2. free meals provided through non-transferable paid coupons to be
used as eating points up to Rs. 50 per meal
3.tea and snacks provided during office hours.
4. free meals provided during working hours in a remote area or an
ofshore installation.
Thus as on date these are not taxable
Hope the position is amply clear
DEEPAK THUKRAL
CHANDIGARH
From India, Chandigarh
Hi,
One can save Rs. 1300 a month / Rs. 15600 per year through Food/Meal Vouchers. These kinds of expenditures are are part of the employees CTC. The company may issue meal vouchers which can be consumed by the employees every month.
It's a practice to save IT on your earnings.
Further, anything else comes into your mind, you may write.
with warm regards,
Umesh
(welcomeumesh@yahoo.com)
From India, Delhi
One can save Rs. 1300 a month / Rs. 15600 per year through Food/Meal Vouchers. These kinds of expenditures are are part of the employees CTC. The company may issue meal vouchers which can be consumed by the employees every month.
It's a practice to save IT on your earnings.
Further, anything else comes into your mind, you may write.
with warm regards,
Umesh
(welcomeumesh@yahoo.com)
From India, Delhi
Meal vouchers are exempt from Income tax and fringe benefit tax.
the maximum per working day is Rs.50
working days are calculated as 24 days.
24 days* Rs.50 = Rs.1200 per month.
Companies can give out passes of more value, but any amount beyond Rs.1200 per month is taxable.
And usually this is taken as a part of CTC to save on the income tax
Hope this helped
Sneha
From India, Madras
the maximum per working day is Rs.50
working days are calculated as 24 days.
24 days* Rs.50 = Rs.1200 per month.
Companies can give out passes of more value, but any amount beyond Rs.1200 per month is taxable.
And usually this is taken as a part of CTC to save on the income tax
Hope this helped
Sneha
From India, Madras
Hi,
Meal vouchers are exempted from tax/FBT for employers as well as employees. However there is a Service tax, which could be deducted from the employees.
Eligibility is Upto Rs. 24000/ annum.
Rgds,
Koshy Varghese
From India, Bangalore
Meal vouchers are exempted from tax/FBT for employers as well as employees. However there is a Service tax, which could be deducted from the employees.
Eligibility is Upto Rs. 24000/ annum.
Rgds,
Koshy Varghese
From India, Bangalore
Hi,
it is Rs. 50 per meal or per day
Rs. 50 is fine for organisations working from 9.30 to 6.00 P.M.
What about BPO or Financial organisations which have different shifts
for example: assume shift timings of a company starts from 6.00 a.m to 2.00 P.m, the employee starts to his office by 5.00 a.m. Weather the organisation provide him Meal vouchers for Breakfast, snacks & Lunch: i.e., Rs. 50+50+50=150.
Is there any clarity for what food has to be bought:
weather this meal voucher can be used to buy raw food like (rice, oil, vegetables, meat) to cook (or) should be used for readily eatable items, like hotel food, bread, biscuts, etc.
It says non transferable: Is there any name written of the holder or any signature to be done.
From India, Madras
it is Rs. 50 per meal or per day
Rs. 50 is fine for organisations working from 9.30 to 6.00 P.M.
What about BPO or Financial organisations which have different shifts
for example: assume shift timings of a company starts from 6.00 a.m to 2.00 P.m, the employee starts to his office by 5.00 a.m. Weather the organisation provide him Meal vouchers for Breakfast, snacks & Lunch: i.e., Rs. 50+50+50=150.
Is there any clarity for what food has to be bought:
weather this meal voucher can be used to buy raw food like (rice, oil, vegetables, meat) to cook (or) should be used for readily eatable items, like hotel food, bread, biscuts, etc.
It says non transferable: Is there any name written of the holder or any signature to be done.
From India, Madras
Hi
The maximum an employee can save in IT is Rs. 15600 a year. There are two ways of saving this, either start collecting your bills till the end of the year and submit the same to accounts/commercial/finance department of your Organisation. The other way when your Organisaiton is tied up with a restaurant, Sodexho passes or any other mode, the company issue coupons every month, which employee redeems upon using it. In such case the Organisation saves upon the IT showing it as canteen expense or staff welfare etc. This year I too saved Rs. 15600 in IT.
Thanks and have a great weekend,
Umesh
(welcomeumesh@yahoo.com)
From India, Delhi
The maximum an employee can save in IT is Rs. 15600 a year. There are two ways of saving this, either start collecting your bills till the end of the year and submit the same to accounts/commercial/finance department of your Organisation. The other way when your Organisaiton is tied up with a restaurant, Sodexho passes or any other mode, the company issue coupons every month, which employee redeems upon using it. In such case the Organisation saves upon the IT showing it as canteen expense or staff welfare etc. This year I too saved Rs. 15600 in IT.
Thanks and have a great weekend,
Umesh
(welcomeumesh@yahoo.com)
From India, Delhi
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