Allowances differ from one company to the other. Transport Allowance is a personal employee benefit that is provided to an employee to meet expenditure on commuting between home and work place.
Transport Allowance up to ₹1600 per month is tax free
Various companies in India provide free cab facilities for pick-up and drop-off for their employees in which case this allowance is not provided additionally by that organisation.
In other cases, employers pay their employees Transport Allowance. As per the Income Tax Act/Rule Section 10(14) in India, Rs. 1,600 per month is tax exempted for an employee on submitting receipts to support their spends on fuel & travel.
Today the process is mostly done manually. Employees pay for fuel using their own credit/debit card or by cash, they collect the paper bills and bring it back to the office to submit for reimbursement.
INTRODUCING THE PAYSACK FUEL WALLET + CARD
The Paysack Fuel Wallet + Card is a combination of a mobile wallet and a VISA prepaid card, thus enabling the Employee to use them to pay for fuel at any petrol bunk in the country that accepts card payment.
Employers can instantly load the Employee’s account with Fuel Benefits credits and Employees can immediately start using the fuel 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.
Get in touch with us if you are thinking of one of the following.
- remove the need of collecting and storing paper receipts, or
- bring about more efficiency in the way you, your organisation and your employees carry out such mundane tasks like filing for reimbursements, or
- digitise the way Fuel and Travel Reimbursement is carried out in your company.
Co-Founder & CEO