Free Inventory Software for small businesses Stock inventory management modern invoicing. No stress, No hidden costs. Free Download. I have attached Employee Company Car Sample Policy. Company Car Policy 1. Objective. The new Company Car Policy has been formulated in order to introduce an employee friendly and easy to administer car scheme in the company with effect from April 1, 2. With the introduction of this scheme all previous car schemes stand withdrawn. Scope. Employees in Grade M1 and above are entitled to participate in this scheme. These employees have been assigned Management Allowance Car Kitty as part of their remuneration package. Salary increment letter is written with a purpose to inform the employee about increment in his or her salary. While writing such a letter, you must congratulate the. Name and address of the recipient address of delivery and name of the country of destination Provided also that a registered person may not issue a tax invoice in. Delivery-note.png' alt='Delivery Challan Template' title='Delivery Challan Template' />Their Management Allowance Annual Car Kitty amount is given in the table included herein below. AGradeBCar Kitty Amt p. Rs. CMgmt. Allow. Rs. DAddnl. Car Kittyp. Rs. EMax. Car Kitty Amt p. Rs. M5. 24. 0,0. 00. M4. 19. 5,0. 00. 16,2. M3. 15. 0,0. 00. 12,5. M2. 10. 5,0. 00. 8,7. M1. 75,0. 00. 6,2. In the case of employees joining the Company Car Scheme post July 1, 2. Car Kitty amount shall be net of Fringe Benefit Tax FBT as applicable. 4 Temporada The Walking Dead Dublado Utorrent more. General. 3. 1.   Under this scheme eligible employee can avail of a leased car for both official duties as well as personal use. For this purpose, the company has entered into an agreement with a lease finance company. The details of the same have been provided in the Annexure I. Eligible employees would be entitled to a car with a per annum cap on lease rent equivalent to their annual car kitty entitlement included in their remuneration package. Employees can select any car of their choice within their lease rent entitlement limit. Full finance is available without any margin money requirement. The amount that can be rentalized includes the following 3. Ex Showroom Cost of the car. Registration Fees. Insurance. 3. 4. 4. Cost of Accessories. Octroi and other taxes. However, the minimum amount that would need to be rentalized is the Ex Showroom cost of the vehicle. In case accessories are bought from some other dealer, the VAT Invoice from that dealer will be required. At the end of the Lease Term, the car will be returned to the leasing company. Standard Operating Procedure 4. The process starts with the employee getting an In principle approval of hisher respective HOD vide e mail on a model that falls within hisher car kitty entitlement limit. Employee negotiates with the dealer to get the best deal possible and gets a formal quotation in the form of Proforma Invoice. Employee then submits to the Admin Department. Annexure II enclosing the Proforma Invoice and the e mail approval from HOD. Employee also executes an Undertaking on Rs. Adobe Photoshop Plugins Ultimate Collection Windows. Stamp Paper refer Annexure III and submits the same to Admin Department. Admin gets the approvals from Finance on the Application Letter and retains the original Application Letter and Proforma Invoice for their records. Admin intimates the Lease Finance Company vide Authorization Letter as per Annexure IV enclosing a copy of Proforma Invoice. The Lease Finance Company then sends the following to the Admin Department. Cheque in the name of the Dealer. Covering Letter to the Dealer. Letter for Endorsement to the RTO4. Form 2. 0 for signature of Authorized Signatory. Commencement date for the lease period under the scheme shall be the date on which cheque is drawn in favor of the dealer by the Lease Finance Company. Admin gets the required signature on Form 2. Admin hand over the following to the employee to take the delivery of the car 4. Cheque in the name of the Dealer. Covering Letter to the Dealer. Letter for Endorsement to the RTO4. Form 2. 0 with approval from Authorized Signatory CFO4. Copy of ABCs PAN Card. Companys Address Proof. Letter of Authority to take the delivery of the car Refer Annexure V. Admin retains a copy of all the above documents. Based on these documents employee can take delivery of the car. On receiving the delivery of the car, the employee needs to forward the   following docs to the Admin Department. Original Invoice. Copy of Insurance Cover Note. Copy of R C Book. Copy of Insurance Policy. Admin Department retains a copy of all the above documents and sends the Original Invoice and copy of the other three docs to the Lease Finance Company. The Lease Finance Company then sends the following to the Admin Department 4. Lease Agreement drawn in triplicate One Original and two copies. First Debit note. Admin takes required signatures on the Lease Agreements, sends original to Lease Finance Company, handover one copy to employee and retains the other copy for their records. Admin then intimates the payment schedule included in the Agreement to the HR Department and forwards the First Debit Note to the Accounts Department. Lease Finance Company. On receiving the Payment Schedule, the HR Department provides the necessary inputs to the Payrolls Department vide the monthly salary input. Second year onwards, the employee gets the insurance done himself, retains the original insurance policy and submits two copies of it to Admin Department. Admin Department retains a copy and sends a copy to Lease Finance Company. The Lease Finance Company will raise a single rental bill by 2. Admin Department who will forward the same to Accounts Department for payments. Maintenance Repairs Normal Running Insurance. The employee will be required to maintain the Car in good condition incur all running costs including costs of fuel, spares, tubes, tyres, repairs, maintenance, servicing etc., as required from time to time. As stated above, the employee will also bear the insurance cost 2nd year onwards. All these expenditures can be claimed against reimbursement entitlement included as part of the compensation package. Foreclosure 6. 1. Premature exiting from the car scheme by returning the car at any point of time has been provided for under the scheme. However, where premature exit from the scheme is not at the behest of the company, the foreclosure charges expenses shall be borne by the employee in totality. Instances of premature exit not at the behest of the company are foreseen as, but not limited to the following 6. Resignations. 6. 1. Retirements including Voluntary Early Retirement6. Personal Reasons. Dismissals from service will be treated on the same footing as cases,  which are not at the behest of the Company. The working of the foreclosure charges would be as agreed with the Lease Finance Company. The details of the same are in Annexure I. In case the employee is joining a new organization, there is a possibility of assigning the car to the new organization by the Lease Finance Company. This will need to be mutually decided by the Lease Finance Company and the concerned employees new organization. Promotions. If the employees car kitty entitlement changes due to promotion, the difference between the new monthly car kitty entitlement and monthly car lease rent would be added to hisher Personal allowance and paid out with salary on monthly basis. This would be treated as income and taxed accordingly. Transfers. In case of inter location transfers, within the company, the leasing company will organize all the necessary formalities. The concerned employee will be required to contact the Administration Department at HO to initiate necessary processes. In case of transfers to a subsidiary affiliate sister company, the car can be assigned to the new company wherever the new company also has an agreement with the said Lease Finance Company. The transfer charges will be borne by the company if the transfer is company initiated and by the employee if the transfer is employee initiated. Rejoining the Car Scheme On completion of the tenure and on returning of the car to the Leasing Company, the employee will be entitled to rejoin the car scheme immediately thereafter. Overall Co ordinationClarificationSuggestions. Car Scheme will be co ordinated on an all India bases by the Administration Department in Head Office. The department shall maintain an MIS pertaining to the scheme. All clarifications with regard to the scheme can be obtained from Administration Department.