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,
Best for Comapnies is to buy a car and allot it to its employee for official work. This way Company saves on depreciation and employee on taxes.
If Company does not want to buy it itself then best will be to ask employees family member (one who is not a tax payer) to buy it and then lease it to the Company. Company then can allot it back to the employee for official work.
You can go for either of the two alternatives.
Third alternative will be to take it on lease from outside and allot it to the employee.
KKT
From India, Delhi
13Best for Comapnies is to buy a car and allot it to its employee for official work. This way Company saves on depreciation and employee on taxes.
If Company does not want to buy it itself then best will be to ask employees family member (one who is not a tax payer) to buy it and then lease it to the Company. Company then can allot it back to the employee for official work.
You can go for either of the two alternatives.
Third alternative will be to take it on lease from outside and allot it to the employee.
KKT
From India, Delhi
Finding a lease transfer now a days 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 fair 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 fair 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 car in individuals name and let the company pay the EMI for the same. This way the company can show all the expenses so related to the car as business expenses, and the company when takes the car in the name of individual employee, they need not pay higher corporate tax.
Also don't make the car part of employees CTC, thus after three years the company can sell the car and show depreciation in books of accounts.
I am not very good in Tax and finance, so kindly do verify above idea with Finance person before you even think of working on the above idea
From India, Mumbai
Buy car in individuals name and let the company pay the EMI for the same. This way the company can show all the expenses so related to the car as business expenses, and the company when takes the car in the name of individual employee, they need not pay higher corporate tax.
Also don't make the car part of employees CTC, thus after three years the company can sell the car and show depreciation in books of accounts.
I am not very good in Tax and finance, so kindly do verify above idea with 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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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
P-TAX.csv