Meal Coupons Tax
Are you getting Free meals in the office?
The free meal coupons like Sodexo are liable to tax. Our Income Tax law treats it as a free perquisite given by the employer to its employees and would be taxed if the value of the coupon exceeds Rs. 50 per meal.
A calculation based on 22 working days and 2 meals a day results in a monthly benefit of Rs 2,200 (22*100). Consequently, the yearly exemption works up to Rs 26,400.
The taxability of the free meal coupons as perquisites is governed by Section 17(2)(viii) of the Income Tax Act.
Suppose you have received a food coupon worth Rs. 70 per meal, First, you will calculate the value of perquisite in excess of Rs. 50 per meal.
In this case it is, 70-50= 20 per meal.
Are you getting Free meals in the office?
The free meal coupons like Sodexo are liable to tax. Our Income Tax law treats it as a free perquisite given by the employer to its employees and would be taxed if the value of the coupon exceeds Rs. 50 per meal.
A calculation based on 22 working days and 2 meals a day results in a monthly benefit of Rs 2,200 (22*100). Consequently, the yearly exemption works up to Rs 26,400.
The taxability of the free meal coupons as perquisites is governed by Section 17(2)(viii) of the Income Tax Act.
Suppose you have received a food coupon worth Rs. 70 per meal, First, you will calculate the value of perquisite in excess of Rs. 50 per meal.
In this case it is, 70-50= 20 per meal.
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Please clarify🙏 How to mention the food card allowance during ITR filing? Will form 16 reflect this amount? Thank you
How to mention the food card allowance during ITR filing? Will form 16 reflect this amount?
Great info broooo
Is food deduction is available under new regime(2023 – 2024) as well?
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