Salient Features of India constitution especially power and functions
Salary accommodation & conveyance (2)
1. GROUP MEMBERS
ASIM BASHIR
SOHAIB EHSAN SHEIKH
HAZIQ HUSSAIN SATTI
ANAS MEHMOOD
2.
3.
4. Something supplied for convenience or to satisfy a need: such as
lodging, food, and services or traveling space and related
services
“Rent” or “charges” for any rooms, lodgings, or sleeping
accommodations furnished to transients by any hotel, inn,
motel, residence, or any place in which rooms, lodgings, or
sleeping accommodations are furnished to transients for a
consideration
Accommodation is provided by employer in terms of
1. House rent allowance.
2. Accommodation facility.
5. House rent allowance
If an employer provides any accommodation allowance or house rent
allowance the whole amount will be taxable
Accommodation facility
If an employer provides a furnished or un-furnished accommodation the
following amount will be added in the total income of the employee as value
of his perquisites
The amount paid by employer in case such accommodation is not
provided by him or;
45% of the basic salary
Which ever is higher
6.
7. Conveyance provided by employer for personal use of
employee.
In case of above said provision, 10% of the cost of conveyance
paid by employer will be included in the taxable income of
employee every year.
8. The employer provides facility in terms of
Conveyance allowance
Conveyance allowance
Conveyance allowance is offered to employee of a company to
compensate for their travel from residence to and from
respective workplace location.
9. If an employer provided the conveyance used by
employee for personal and official purpose, then in
this case, the 5% of the amount of cost of the
conveyance will be included in the total income of the
employee.
10. In case the employer has acquired the conveyance on lease,
And has provided the conveyance for personal use only; above
10% of the fair market value of conveyance will be added in the
taxable income
And has provided the conveyance for partly personal and official
use then above 5% of the fair market of the conveyance will be
added in total income of the employer
11.
12. Basic Salary
House Rent Allowance
Medical Allowance
Utility Allowance
Conveyance Allowance
13. Basic Salary 10000 PM.
Bonus 6 months basic salary.
Special additional allowance 100000 Py.
Utility allowance 20000 py.
House rent allowance 50000 py.
The employer has provided the conveyance with cost of Rest.
1.1 million.
The employee owns a car for personal and official purpose.
Interest free loan provided by employer Rest. 700000
Medical allowance 5000 per month.
