Employees are always expected to keep abreast with the latest happenings and trends related to their profession e.g. Information Technology, AI, Automobile, legal, finance, medical etc. Therefore, employees can purchase newspapers, books, periodicals, journals, and submit actual bills for reimbursement. It is fully exempted from income tax on actual bills submitted. Some organizations however cap the max limit to Rs 1000 per month and this number can vary from company to company.
Books & Periodicals Allowance is a personal employee benefit that is provided to an employee to meet expenses on the purchase of books, periodicals and newspapers.
“Books & Periodicals Allowance are tax exempted on actual bills with a max limit cap that the company decides”
Some employers pay their employees Books & Periodicals Allowance. As per the Income Tax Act/Rule Section 10(14) in India, it is non-taxable if bills are submitted to and stored by an employer.
Today the process is mostly done manually. Employees pay for books, periodicals, journals or newspapers using their own credit/debit card or by cash, they then collect the paper bills and bring it back to the office to submit for reimbursement.
INTRODUCING THE PAYSACK BOOKS AND PERIODICALS WALLET + CARD
The Paysack Books and Periodicals Wallet + Card is a combination of a mobile wallet and a VISA prepaid card, thus enabling the Employee to use them to buy books and periodicals on-the-go from the app or by using the card.
Employers can instantly load the Employee’s account with Books & Periodicals Benefits credits and Employees can immediately start using these credits. Additionally, if there is a need to capture receipts, it can be done directly from the employee Paysack app and these can be stored away securely in the Paysack Cloud.
Looking for a smart solution to remove the need of collecting and storing paper receipts?
Thinking of a simple way to digitise the way books & periodicals reimbursement process is carried out in your company?
You are at the right place. We are here to help you with that.
You may also want to read about how the Paysack Account for Employees can be useful to provide other tax saving personal benefits to your employees like: Meal Vouchers, Medical Reimbursement, Gifting, Communication Allowance, Fuel & Travel Reimbursement.
Ricky,
Co-Founder & CEO
Paysack provides a Fintech API Platform through which we help companies like you to build & launch world-class fintech products. Read more here: Paysack Connect