GK
HUMAN RESOURCE MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Salary
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Company car
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Wage
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Benefits
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Detailed explanation-1: -The company car policy defines the guidelines for eligibility on company-owned vehicles and also enables eligible employees to opt for company-leased vehicles for official and personal use.
Detailed explanation-2: -Car Maintenance Allowance-Tax Benefit Such a car can be owned by the employer or the employee. In addition, the expenses related to the car can be sponsored by the employer or not. The car may be used for personal reasons at times, leading to confusion in the minds of employees in terms of tax liability.
Detailed explanation-3: -Salary Income under Income Tax Salary income refers to the compensation received by an employee from a current or former employer for the execution of services in connection with employment. Thus, income is taxable as salary under Section 15 only if an employer-employee relationship exists between the payer and payee.