Most of the companies give car lease option to manager level and above. Earlier TCS used to give car with chauffer to Director level and above. In Accenture this scheme is available to all the employees of Level D (Services Workforce), Specialist (Enterprise Workforce), Consultant (Consulting Workforce) and Team Lead (Solutions Workforce) and above in India who would like to opt for a company leased car for their business and personal use. This option is not available in Cognizant.
These are the general process to be followed in any company. Check with your finance department for the exact terms and conditions
Employee should submit the compensation plan on the website declaring the value of the car.
The following points should be noted while taking car lease option in companies:
Vendor : SLV
|Lease Rent Rs./'000/yr||301.27|
(% of amount financed - Exclusive of VAT
*Applicable taxes/levies/duties are extra and will form part of the lease rental and the same will be recovered from the employee’s compensation.
Note : Car lease rental are calculated on the Amount financed less VAT as per the invoice submitted by the dealer. VAT will be charged on the lease rentals separately
Cost of the car - 100,000
VAT - 12,500
Lease Rentals are calculated on Rs. 100,000
3 Years - 30,127 + VAT @12.5 and any other taxes as applicable.
Read: Cab Transport and Car Lease Policy
Note that VAT has changed in the financial year 2015-2016
General Guidelines :
Note: Do not take lease if you plan to leave the company before the lease end date (i.e 3 years), otherwise your cost will increase.
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