Search results
Jun 6, 2024 · Tax calculation on perquisites is determined by factors like tax slab rates, perquisite cost, and average tax rates. Benefits of perquisites include increasing loyalty, attracting talent, and boosting productivity.
Dec 6, 2023 · Types of perquisites in India, their tax implications, and exemptions under the Income Tax Act. Learn who pays perquisite taxes and key considerations.
The Finance Act, 2005 states – Perquisites will be taxed by the government when such benefits have been provided or are considered to have been provided to employees by employers. Ideally, perquisites are taxed at the rate of 30% of the entire value of the availed fringe benefits.
May 15, 2024 · Perquisites as per Section 17 (2) include the following:- Any accommodation provided by the employer. Any concession in the rent provided to the assessee by his employer. An obligation payable by the assessee. Expenditure for travelling. Any benefit/amenity granted free or at a concessional rate to specified employees etc.
Oct 24, 2023 · Perquisites in Income Tax are any excess benefit or advantage given to an employee by their employer in addition to the basic wages or salaries. These benefits usually form a part of the total cost to the company (CTC) and the pay structure of every employee.
How are Perquisites taxed and who pays that Tax? According to the Finance Act, 2005, perquisites are taxed by the government in case these perks are provided or are deemed to be provided to employees by employers. The rate at which perquisites are taxed is 30% of the value of fringe benefits.
May 13, 2024 · “Perquisite” is defined in the section 17 (2) of the Income-tax Act as including: Value of rent-free/concessional rent accommodation provided by the employer. Any sum paid by the employer in respect of an obligation which was actually payable by the assessee.
