How Employees Save 40% on Car using Tax Laws | Detailed Explanation by CA Sahil Jain

[@TaxationWithCASahilJain]

The figures I've shared in the video are straight out of the Car Leasing Program of a company in the real world. Big corporates keep a certain portion of your payout as "Flexible" which you can choose to take as HRA or Car Lease Reimbursement or LTC etc. This is how salary structuring happens in real life which results in savings of lacs. Hope this was a little insightful for you all. Happy learning ♥

[@ConsultantTejasShar-tp7ms]

What if we leave the company in between?

[@sagardharmahattikar4454]

what if the employer does not provide you this option

[@chichi-wy2ku]

​@@ConsultantTejasShar-tp7ms bro sir already addressed your query in this video, company does hypothecation incase employee tries to sell the vehicle or leave the job, if this happens company can take back its car. Hypothecation gives right to company to take back the asset even if company is not owner.

[@aditrajgautam8904]

is the residual value of car is fixed at 5% for 3 years lease period or it can vary company to company, as my company charges 25 % which seems much higher than stated in video?

[@_chirag_agarwal500]

Not little , very insightful

[@vivekjain9944]

dear sahil sir , you are one of my most fav teacher who explained every practical concept in a very crisp and clear manner🤓🤓😄😄

[@vjrgv7462]

Whatevr u said is absolutely true.....my Clnt is the software employee in concentrix ...he did the same.....

[@badarikrishna3169]

Was it practically worth it in reality as explained in this video?

[@SathyendraPrabhu]

Yes. Idea is great. But the problem might come in 2 areas here. 1. When GST kind of taxation changes happen from Govt. This impacts these leasing scheme and makes calculations up n down. 2. When you leave the company or forced to leave.. you got to have complete amount in pocket to pay as net amount for remaining installments.

[@navbharatcycles2563]

POINT NO 3. All companies don't give fuel ,maintenance and driver perks but even then something is better than nothing . POINT NO 4. The residual value can be higher than 5% to 20% . plus during closing of the lease you may incur additional expenses . point 5. most of these charge high interest rates too. but overall something is better than nothing .

[@ayanshaikh9287]

Being a cs student sirf provision pada tha ye but a very a nice explanation & trick Aaj se apka fan ban gaya ❤❤❤

[@akshayjain6665]

Though i understand this concept fully, but still watched every second. Totally admire the way you explain concepts.... Keep enlighting the young brigades.... Good wishes...

[@TaxationWithCASahilJain]

Thanks for all your valuable inputs in making this video ❤️

[@shailubisht6376]

120 rules of grammer ,rule no 43 when though is used in a sentence then only yet can be use as an optional and but will never be used with though and although

[@mandarrege4223]

Thanks for sharing detailed information . This is really helpful. But this calculation changes company wise. Few observation considering policy in our US based MNC, 1.Residual value after 3 year is 25% + GST 45% So benefit will reduce by 5 lakh straight. 2.Company policy for fuel/driver/insurance claim is less than 1 lakh. And that we can claim that without leasing . So we cannot show that profit. 3.Car is in company's name and we will be second owner after paying residual value. Not sure on RTO tax if any. In such cases,we hardly get any benefit. So employees need to caclculate the benefit case to case basis. (I know a friend who is getting fuel benefit as demonstrated by you but residual is 25% for them as well. So total benefit for him is 3-4 lakhs.)

[@intuitionist11]

If we a paying 70k per month * 3 years= 25.2 Lakhs + 1 Lakh (at last for owning at 5%) i.e: 26.2 lakh for a 20.4 Lakh car And saving 8 lakhs in taxes in 3 years Then at the end of 3 years net saving would be around 2 lakhs because we payed extra 5.8 lakhs for the leased car.

[@JoySahab]

lekin aapne 25 lakh pura ek sath thore diya 70k per month diya h to vo paisa aapke pass hi raha ab aap us pe return bhi kama sakte ho

[@unknown-us5vs]

Please make a video of how actually a business owner can save tax by claiming depreciation and its steps etc in detail !!!!!!!

[@Arihant_Sethia]

Three cents from my side: 1. You have taken fuel cost, driver salary and maintenance cost to be very high. Usually companies have fixed amount for this which is maxed at 3-4 lakh. 2. Lease tenure end price is not 5%. It is around 30% at the end of 3 year lease and 20% at the end of 4 year lease. 3. RTO transfer cost is not accounted for. 4. Even after hypothecation removal while selling the car in market it is treated as second owner car as initially the car is registered on company name and transferred to your name at the end of lease tenure.

[@TaxationWithCASahilJain]

1 & 2) The figures that I’ve quoted in this video are straight out of the leasing policy of a big Indian MNC and not a figure I randomly made up. However, it of possible that your specific employer has a different policy structure which is why I’ve explained the process so that you can see for yourself whether leasing makes sense for you or not. 3) There is no RTO transfer in this case as the Employee remains owner of the car throughout and only hypothecation is removed upon payment of residual amount 4) Random assumptions on your part. I’m telling you practically that the RC remains in your name from Day 1. You are “first owner” in all the documents. No rhyme or reason why you would be treated as second owner in any market.

[@souvikroy9340]

I beg to differ @taxationwithcasahiljain sir, my company (IT MNC) has directly told me that for leasing car would be registered in company's name first and then transferred to my name at end of lease. For the employee the extra costs are interest cost which is extra paid on top of the car's value, 20L v/s 25.2 L plus payment for residual value of 1.02L as per your example. If you bring down the total income from 40L to 25L benefits would practically be minimal.

[@tarunpatel3741]

@@TaxationWithCASahilJain The vehicle will be registered on company name not on your name. So technically you will be the second owner of the car after lease tenure or you can sell the car book some profit.

[@railroadrao8466]

Still it's a great way to save money

[@akshatjain4375]

was just taking your lectures sir, break k baad seedha yha aagya 😋

[@TaxationWithCASahilJain]

Break me bhi padhayi kar rahey ho Akshat. Proud of you 🤗

[@dhruvjoshi1220]

Just blow my mind 😮. The power of Knowledge ❤

[@sandeepyadav1478]

Prodigal hero returns🙌, good to have u back

[@Learner945]

I took the car with this scheme. We have a different setup. Claim 24k for tax exemption of fuel plus driver per month and car price is based on cadre. In total im able to get the car at 5 lakhs less with 1% residual value at 4 years

[@dhirajshetty2034]

Sahil sir brilliant video an absolute eye opener for someone from non financial background... Thanks Sahil sir once again👍

[@AdityaRangarajan-f4v]

There is one mis guide in this video , you wont save 8 lakhs , you can only save approximately 2-2.5 lakhs by leasing.Let me explain For example you dont buy car on lease and you bought at cash price after that you can still take chauffeur and petrol reimbursement which will reduce 6.5 lakhs of your annual salary and you can save 2 lakhs annually approximately on taxes. So basically I mean to say by car leasing you are only saving 2-2.5 lakhs , rest you are saving via reimbursement of Petrol and chauffeur expenses.

[@TaxationWithCASahilJain]

Not really. If the employee buys car on cash and just gets petrol and driver reimbursement, then, taxation is completely different. In that case, the actual expense reimbursed gets added to income with a nominal subtraction of 1,800/2,400 per month which will barely save you any tax. I'll try and record a video to explain this in detail.

[@princekumarsingh4057]

Sir ab na wait nahi ho raha hai...ca final tax ke liye ..super excited hai...pls share related details and .... kuch daliye sir utube pr...jisse ap famous ho ..apke bathces famous ho😅

[@The_Vinitio]

Again a Bang on and insightful video Sahil Sir!!! I missed your videos since so long. Try posting on a regular basis.

[@sahasarya4408]

Great in theory but probably better ways to save tax in the real world.

[@pushkarmehta1]

On point sir, however, the on road price for vehicles under leasing is higher due to significantly high road tax on corporate lease. The savings in this case would probably come down by a lakh or two.

[@TaxationWithCASahilJain]

Lease of course has to be higher as the Leasing company will have to earn Interest to make this entire proposal financially viable for them as well. However, as you might be able to observe in this video, in each of the years, you saved tax of close to 4.5 lacs making total savings go upto close to 13 lacs. However, since leasing premium is higher than general car cost, net savings are of 8 lacs which is again a good deal..

[@vardanrathi7777]

No. High Road Tax is only applicable when the car is registered in a company's name. In this case, car is registered in the employee's name only.

[@princeofheaven19]

@@vardanrathi7777in a car lease the car is in the name of the leasing company usually orix

[@vardanrathi7777]

@@princeofheaven19 Nope. He clarified it very clearly in the video that the ownership is in the name of the employee and the leasing company does the hypothecation. Even if you see Maruti's leasing plans, they lease the car to the person and Orix or others become the hypothecation party.

[@shis10]

Amazing video. 💯🙌🏻 Best way to save taxes is to flee to Dubai and Singapore ♥️🔥😄

[@singleshotbysatyam1537]

If everyone will think as you, what will CAs do, non-sense!

[@shis10]

@@singleshotbysatyam1537 Tax like Switzerland ,Give Services like Uganda. ! Thats the problem.

[@sachjain2]

There is a gap in this analysis. Usually employers want to get the cars registration in company name for the lease period and get it transferred at the end of lease period. Now when the employee pays residual value of Rs. 1.02 lacs for a car valued at Rs. 15 lacs, they are required to pay fringe benefit tax on Rs. 13.98 lacs.

[@amitkamra7822]

Also, fuel, driver and maintenance cost can be reimbursed even if the car is bought directly without company lease

[@sagarrelan3049]

Thanks for the explanation, but I doubt the last part where you mentioned the car cost in case of Lease is 12.4 lakhs (20.4 - 8), after tax savings. I think as we are paying 70k per month and rupees 1 lakh residual value, that amounts to 26.2 lakhs (25.2+1), so as you had earlier mentioned that in case of Lease the actual car cost would be more, as per the calculations, the actual car cost to customer should be around 18.8 lakhs (26.2 - 8), definitely one saves on the taxes. But I doubt there might be any gains on reselling the car.

[@meditation.365days]

You Missed that 4.5 Lacs p.a and for 3 years it equals to 13.4 lacs after deduction of 5 lakhs it comes to save an amount of 8 lakhs and some thousands.

[@sagarrelan3049]

@@meditation.365days No I didn't missed the Tax saving part as i mentioned in my comment that "definitely one saves on the taxes", I was questioning the gain on selling the car, we cannot count it as extra gain, as the cost in case of leasing is more compared to buying it

[@ABHISHEK98927]

Guru Brahma Guru Vishnu, Guru Devo Maheshwara Guru Sakshat Parabrahma, Tasmai Shri Guruve Namah, happy Guru Purnima from ur chintu sir love u

[@The_Time_Traveller]

The 70k/month you are paying for leasing program in 3 years accumulate to =70,000 x 3 x 12 = 25,20,000 Which is more than the value of the car from the first year it self!!!

[@adityabhatia7861]

Bang on sahil sir video always full of knowledge and comprehensive in nature , your student aditya 🤗🤗

[@AmitGupta-tm2fx]

Sir, keep uploading such type of content.

[@CA_Hardev_Jadeja1]

Waah sir maja aa gaya ye tax planning dekh ke ❤😊

[@sujithkumar1333]

In terms of government employees how will it work?

[@prasadgadekar7206]

in leasing there is always a interest component while buying car in personal capacity most of the people will buy on emi so first option should show cost after interest current comparison is not like to like

[@newsvuse8489]

Very nice voice and style of explanation

[@sumitdwalunje]

That HAANJI, GOOD EVENING missed very much sir. Please bring this kind of info. videos once a week😍😊Loves ur knowledge and explanation skills

[@ankitpal_in]

My manager explained to me this long back. Aaj revision ho gay.

[@ourworld86]

Beautifully explained

[@sairamgunda3590]

Since we are paying 70k per month i.e 25 L for 3 years. And we are saving 8 L. But, at the end we are saving 3 L only effectively (20+8-25) as car cost is 20 L ( But we are paying 25L instead). Is it correct?

[@shredder3055]

You should consider the down-payment as well, as there is no down-payment on lease scheme you can invest and consider some interest on it.

[@abhijeetkaushal1343]

My salary is 33.5LPA yet all this goes above my head.. I'm only good in tech not commerce, seems like this is good to give me questions for my CA

[@priteshthakker]

Thanks for the overview... BUT 1) Residue value 5% seems rare, I have seen it to be ~25%. This trims majority benefits 2) Maharashtra & Gujarat... Taxes are higher (like around x1. 8) when vehicle is bought in name of a company, this enlarges purchase cost and lease value significantly 3) Seems this benefits people having large chunk of income above 30% tax bracket, you seem to have avoided expressing that

[@TaxationWithCASahilJain]

1) Not as uncommon as you might think. I've seen residual value of 2% as well. Employers who actually want to retain their employees by giving such benefits design such schemes effectively. 2) In this entire scheme, the car is registered in the name of Individual and not the company. Hence, no extra road tax. Just a hypothecation is done in favour of leasing company which has no impact on road tax. 3) I did mention that the benefit percentage is not standard. It varies when you tweak the income, car cost or lease cost. Hence, never asked everyone to go ahead with this. Have taught the process. You can just put in your numbers and see for yourself if it makes financial sense for you or not. Happy learning!

[@priteshthakker]

@@TaxationWithCASahilJain #1 Ok #2 is surely wrong.. it is in the name of Corporate... how can a car in the name of employee will be LEASED to self??? and I am saying this as I have referred the policy and know about it. #3 Ok

[@vijaykumarmamidi]

Very informative video. I was always confused if one should go with company car lease policy. Thanks for clarifying all doubts in my mind. I just need to work and see how much it is beneficial if I don't opt for driver and my fuel bill is 10K per month

[@TaxationWithCASahilJain]

Yes. Financial viability increases or decreases depending on income of employee, how expensive the car is, what the lease premiums are, what reimbursements are etc. Hence, I’ve tried to explain the entire process in detail so that you can put in your actual numbers and see for yourself what suits you better.

[@amitkamra7822]

There is a limit to Leasing amount based on components of salary (both car Leasing amount + fuel, maintenance etc). IT do not allow you to save this much

[@dipanbanerjee5517]

Fantastic discourse Sir!!!

[@3raghuveer]

There is a drawback for this car leasing. In case if you are planning for a home loan. You will be get lesser amount since your salary is less due to car lease emi.

[@singleshotbysatyam1537]

Ghar car sab ek hi time krega ky bhai!! Common sense toh lease pai nhi dedina kahin!!

[@3raghuveer]

@@singleshotbysatyam1537 bhai car lease ka time frame 5 years bhi hota hai. All I am saying is agar agle 4-5 saal me Ghar lene k plan nai ho toh car lease best option hai.

[@TaxationWithCASahilJain]

Your CTC still remains 40 Lacs even if you go for leasing option. CTC includes Basic Pay, Perqs, Allowances etc.

[@guru3563]

Make nxt video on how option trader can save taxes ... Include brokerage , stt etc

[@pavanhegde8404]

Great prints, however if you self drive the vehicle, equation will be completely different...

[@AK-nr3td]

25,20,000 + 102000 - 800000 = Car Value

[@WalterWhite-og6wj]

In reality, very few companies have leasing programs in India. Even if a company has, they have lot of conditions.

[@greylife1988]

Finally KZbin account ka password mil hi gyaa 😂

[@dhiraj5951]

Sirji u are grate❤

[@faiz697]

Rhe biggest peoblem for this to work is being in a company that has lease pepgram

[@AVINANCE]

Thank you sir for the amazing knowledge. Is there any changes in this with respect to electric cars and are there any depreciation benefits for the employer?

[@uditagrawal512]

Sir, I have some doubts: 1. The cost of the car will be (25.2 L - 8 L) 17.2 L because 8.4 L will be deducted from my salary every year for leasing. 2. If the car is in the name of the employee, how a company can show this as a business expense for leasing, if not, it will be included in the income of the employee as it is paid by the company on behalf of employee.

[@TaxationWithCASahilJain]

1) Aise bhot confusing hoga Udita. Employee is paying higher cost on account of lease but saving on taxes every year. Hence, to make calculations simpler, I’ve shown sum of disposable income for all the 3 years in which you can clearly see that in leasing, disposable income in hand is higher by 8 lacs compared to outright purchase of car and thus, to summarise, we can say he sort of got a discount of 8 lacs by going towards the leasing route. 2) The lease and other amounts paid by employer are all towards expenses incurred in reality by employee and thus, are all business expenses claimable by employer u/s 37.

[@sidpr007]

Sir apka jawab nahi. Big fan

[@eren-qu9uu]

this things make sense for rich people

[@rajatmehta4597]

Isn’t the employee then restricted/ forced to not leave the company for atleast 3 years? What if one decides to quit the company- pls help with this question?

[@himalayahinduja1010]

A more efficient way would be government decreasing taxes.

[@harshrajjadhav940]

That's not going to happen.

[@sandeepaher5107]

Sir I feel you have not two costs included here 1 - interest that needs to paid to leasing company 2- RTO taxes are 2x for corporate buying which are being recovered by leasing company per month basis

[@TaxationWithCASahilJain]

1) The total lease rental comes out to be 25.2 Lacs as against the cost of car of around 20 lacs. This difference is of Interest only. In spite of this, the net savings are of around 8 Lacs. 2) This car shall be registered in the name of Individual, i.e. Employee and not in the name of company and thus, there’s no extra RTO cost that you need to bear.

[@Ahk90]

Please Make video about freelancer , how they save taxes through legal ways 😢😢😢😢 please ...make one video

[@ABHISHEK98927]

Everything is temporary 😅 but chiku and chintu are permanent

[@kiranvootori8101]

Not enough if employee knows the law. Employer should also have the policy

[@Arihant_Sethia]

Final residual amount is 20% at the end of 4 year lease and around 30% after three year which is not small amount as you have shown in your video as 5%

[@TaxationWithCASahilJain]

The figures that I’ve quoted in this video are straight out of the leasing policy of a big Indian MNC and not a figure I randomly made up. However, it of possible that your specific employer has a different policy structure which is why I’ve explained the process so that you can see for yourself whether leasing makes sense for you or not.

[@suyogshimpi4171]

Hello Sir, First of all thank you for such a great detailed explanation. I would like to see same video about save tax on buying tractor for farmer or some salaried employees (Like me as I am farmer as well). Could you please help us by posting such video (Or can you please refer a video if you already have posted). Thank you in advance.

[@ankitshaw1388]

I have a question let's say the employer makes the commitment for paying for 3 years let's say in these 3 years what if the employee quits its existing job and gets a new one or the employer fires him what happens in that case.. 1. The new employer pays the amount??? and 2. The employee since is fired is paying the downpayment ??????? Please answer this question... Thank You

[@sauravbisht7498]

Greatful sir❤

[@kumarsaurabh6256]

Residual value is usually in the range of 20 to 25% is what I have seen, not 5%.

[@SuperF1ferrari]

Yes, that's correct. It's usually between 20-25% . I have not seen a residual value of 5% for even 4 years leasing

[@7srider]

How about for self employed people like Doctors? How can they avail this

[@arenve]

Great point! I am a consultant getting a fixed retainer fee every month from my company What's my way out?

[@adityamundra3699]

Is this beneficial for a business owner too, rather than using depreciation, which is too small.

[@rishabhjainrashh]

You always bring something new to the table. Proud to be a subscriber of your channel.

[@sidharth9218]

Leasing companies are charging 25% as residual value, not 5%. The whole calculation and benefits goes for a toss

[@msharma8682]

After so many days you have come

[@arpitnahata947]

Can you provide examples of leasing companies which offer such schemes? I need to connect with them to provide this for my company. Also, who determines the residual value? Leasing company I believe.

[@bhishanwadhai6670]

Hello sir, Kindly make videos related to the NPS and UPS pension scheme of Government of India as well as Maharashtra..

[@RamaKrishna-yc5gz]

Expecting videos in English language also

[@movierecappedhindi]

nice...then employer won't give me hike for 3years straight.

[@neeraj3885]

Sir can u please make a video on what questions and documents to ask from client while filing their ITR return for their business

[@anuragtaneja]

If the organisation is looking for a residual value of 10 percent in advance, is it still a good option to go with?

[@RajatJain-ov3vh]

Always the most comprehensive videos. 👌

[@nishanttyagi6771]

Amazing 🎉🎉

[@jatinjain1172]

if i take new tax regime then my tax will be 9,20,400 a year. I will have 40lakh - 9.2 lakhs i.e. 30.8 lakhs. After three years it will be 92.4 lakhs. After removing 20.4 lakhs of creta it will be 72 lakhs. So my net disposable income after purchasing car will be 72 lakhs. and you were having maximum disposable income as 59.8 lakhs. How is your method working? Am I missing something ?

[@TaxationWithCASahilJain]

Jatin you’ve not subtracted 6.5 Lacs per annum on account of Fuel/Insurance/Service/Driver as I’ve done in the video. All figures are transparently displayed.

[@Aman-vw4zu]

Sir one doubt, jab employer employee ko car sale krega after few years toh kuch amount taxable hoga kya employee ke hand mei?

[@nikhilbansal4335]

But, Sir when car is owned by EMPLOYEE then the amount of perquisites for motor car to be included in Gross Salary is amount spend by company reduced by (1800+900) per month if engine capacity upto 1.6L or reduced by (2400+900) per month if engine capacity exceeds 1.6L, assuming it to be the case of party for personal and partly for official use. And if motor car is owned by EMPLOYER then amt. of perquisite (partly for private and partly for office use) will be (1800+900) per month if engine capacity is upto 1.6L and (2400+900) per month if engine capacity exceeds 1.6L, in case where all the expenses incurred by employer. Please correct me, if i am not correct.

[@TaxationWithCASahilJain]

So this remains a LEASE till the end of 3rd year and thus, the tax treatment applicable here is the one applicable on cars owned or hired by Employer. After end of third year and payment of residual value, the employee is considered to be the OWNER.

[@nikhilbansal4335]

So it means, we would only consider beneficial ownership as in case of "ICDS Ltd. V. CIT" and disregard the fact that Employee is owner under the MV Act 1988, as decided in the case law. Right??

[@strangebaby]

any way for an employee to save tax without any lease?

[@itsbhooms]

Wo jo 6L hai jo driver and maintenance ki payment hogi. Wo bhi to income me se hi jayegi. Usko subtract nahi kiya final amount se

[@rrkatheer]

Can we still claim fuel, insurance and gst etc while filing income tax in case these are not provided by company not part of CTC ? Please clarify

[@Harryprasad930]

How government employees can do leasing??

[@mrevilove666]

Wohi soch ra tha… humare HR ko to samjh hi ni aayega…bolenge humare Deptt ka kaam ni h. 😂

[@dharmikzinzuvadiya2035]

Govt employees ko zaroorat hi nahi hai. Table ke niche se bahut cash aata hai govt employees ko 😅

[@ssd-zj6vx]

Psb mein toh yhi chal rha hain

[@harshart8339]

Sir increment is always happens on base pay so if we change salary structure that means we are compromised increments is it?

[@sahilsinhmar2525]

Sir i have to buy a Fortuner which will cost around 40-45 lakhs ...if i follow your procedure will i surely get my car under 12% discount ??

[@MDMOTIURRAHAMANBISWAS]

Sir, I want to buy a Creta. Should I buy the car in my business name for tax savings or in my name? Also, is it better to make a full payment or take a loan? Please make a video about this.

[@rkunnath3883]

Unfortunately, no use for govt employees...😔

[@tapishpositive]

Informative video. One ques., you have increased 20.4 L to 25.2 becuase of GST on the rental by company or a notional interest?

[@TaxationWithCASahilJain]

20.4 lacs is GST inclusive on road price to buy car 25.2 Lacs is GST inclusive lease rental to get the car on lease.

[@swastikmishra372]

and what if employee leaves the organisation or the organisation removes the employee before end of hypothecation ?

[@036heart]

I don't have company leasing policy, still can we save?

[@Anonymous-yv3cy]

will employer be allowed to show 6.5 and 7.2 lakh as expense or only 2,700 will be allowed ??

[@deepakgoyal7879]

Sir i have a doubt - lease wale case me 5 lakh extra bhi to pay kiye h hmne kyoki employer to jo pay krra h loan amount vhi deduct krra h meri salary se (principal plus interest) To 2nd case me car ki cost to 25 lakh pdi To net saving to 8-5 = 3 lakh hi hui Tell me if i am missing something in this

[@meditation.365days]

Total Tax Savings For all 3 years is 13.77 Lakhs and Deduct 5 lakh then it will be 8 lakh and some thousands (approx) .

[@vishnucnamboodiri9888]

I worked in a company from aug 2021 to jan 2024. During nov 2022 (FY22-23) I revieved a 1 lakh worth retention bonus with tds deducted in order to be in the company for next 2 years. But unfortunately I resigned during dec 2023 (FY23-24), Hence this 1 lakh was deducted from the salary and all the full and final settlement was done. But after few months during May they told me that during an audit it was found that the 1 lakh which i recieved in the previous financial year cannot be settled or setoff from income in the next financial year, hence they asking to pay addition tax of 20800 now. Iam currently with another employer so should I pay this amount? What can I do in this situation?

[@Rohit_Gupta1629]

Is it applicable on 2 wheeler as well sir??

[@CASTUDENT-tc5gd]

Nope

[@pankajjaiswal5806]

​@@CASTUDENT-tc5gd yes

[@CASTUDENT-tc5gd]

@@pankajjaiswal5806 what yes?? Nahi milega two wheeler pe na

[@saisantosh6433]

What happens when employee wants to change his job (even if we assume that the employee changes employment after 3 years) won't it affect his Salary Negotiations? As his Salary would be shown as 25L instead of 40L?

[@vimalsidhartha7625]

Business person buy a car or lease which is best

[@gangeshshaw172]

What would happen if the employee leave the current organization and joins other organization?

[@HimalayaGarg]

What if no driver salary, and fuel expense per year is only 1L. We will not get basic salary reduced, and will end up paying higher tax?