Taxability under Income Tax Act” plus 1 more

Food coupon/ meal voucher valuation / Taxability under Income Tax Act

Posted: 05 Jan 2011 11:14 AM PST

There are a number of organizations which are issuing food coupons/meal vouchers to employees each month not adhering to perquisite valuation rules issued by the Income Tax Department. Let us examine the text of the perquisite valuation rule governing issuance of meal vouchers and study the underlying conditions that are to be satisfied for availing tax exemption on meal vouchers. The...

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One ATM transaction for one PIN entry wef 01.01.2011 :RBI

Posted: 05 Jan 2011 06:08 AM PST

Next time you go to a bank ATM, be ready to re-enter your PIN afresh for every transaction you wish to conduct, such as money withdrawal, balance enquiry and checking account details. In order to check misuse of ATM cards by unauthorised people, RBI has asked banks to allow only one transaction at ATM machines for one entry of PIN (Personal Identification Number which acts like a password for...

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