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.
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.
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.
6 days ago · “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.
Perquisites are benefits received by employees in addition to salary, categorized as monetary or non-monetary. Form 12BA is an income tax statement detailing perquisites given by the employer. It is issued when an employee's salary exceeds Rs 1,50,000.
May 17, 2022 · Perquisites are non-monetary benefits provided to an employee by the employer. These can vary depending on an employee’s position in that particular company. Depending on their type, perquisites can be eligible for tax deductions or not. Section 17 (2) of the Income Tax Act discusses perquisites in income tax.
Aug 16, 2023 · What is meant by perquisites under income tax? What are perquisites in salary? Perquisites are profits that come in addition to an employee’s regular salary. Perquisites in salary can be as simple as company-sponsored accommodation, fuel reimbursement, etc., or may include interest-free loans, medical facilities, 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.
Depending on their tax implications, the perquisites in salary can be classified into the following three categories: taxable, tax-free and taxable only for specified employees. Let’s take a closer look at these different types of perquisites.
