perquisite valuation rules

HRA vs Rent Free accommodation- Comparison & Calculator

Income Tax - For salaried people most of the companies provide House Rent Allowances (HRA) and many companies also provide the facility of Rent free accommodation. Many companies provide the facility of House Rent Allowance (HRA) and in case the employee opt for rent free accommodation facility then HRA is not allowed....

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Valuation of perquisite in respect of free education

Income Tax - Fixed education allowance given in cash by the employer to the employee to meet the cost of education of the family members of the employee is exempt from tax to the extent of Rs. 100 per month per child (up to a maximum of two children). Moreover,any allowance granted to an employee to meet hostel expenditure of his child is exempt from ...

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Salary Income – Meaning of term Perquisite and Taxability

Income Tax - Dictionary meaning 1. A gain or profit incidentally made from employments in addition to regular salary or wages,especially one of a kind expected or promised 2. Casual emolument or benefit attached to an office or position in addition to salary or wages 3. Anything left over that a servant or other has by custom a […]...

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Reimbursement of medical expense is not perquisite u/s 17(2)

Income Tax - Brief facts of the case are that The assessee received a sum of Rs.90,090/- towards reimbursement of medical expenses from the company M/s Bajaj Consultants Pvt. Ltd., wherein, he is a Director and claimed the same as exempt u/s 17(2) of the Act. ...

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Rules for valuation of perquisite forming part of Salary Income

Income Tax - The rules for valuation of perquisite given by employer to employees are as under : - I. Accommodation :- For purpose of valuation of the perquisite of unfurnished accommodation, all employees are divided into two categories: (i)Central Govt. & State Govt. employees; and (ii)Others. For employees of the Central and State governments the v...

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SBI Interest Rates on 1st April, 2011- For perquisite valuation

Income Tax - State Bank of India: Interest Rates on 1st April, 2011- For the purpose of computing perquisite valuation Interest rates as on 1st April, 2011 on various loans in Personal Segment advances are as under – ...

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New perquisites valuation rules for Assessment Year 2010-11 are replica of old rules

Income Tax - The salaried class, reeling under the inflationary pressures, has suffered yet another setback this holiday season with the announcement of new perquisite valuation rules by the Central Board of Direct Taxes (CBDT) on December 18. The new rules have come in the wake of the abolishment of fringe benefit tax (FBT) by finance minister Pranab...

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New perquisite Valuation rules taxed almost all the perks

Income Tax - THE much-awaited perquisite valuation rules have finally been notified by the CBDT. The Board has amended Rule 3 to give effect to the abolition of FBT, announced in the Budget 2009. Vide Income Tax (13th) Amendment Rules, the Board has notified the new valuation guidelines w.e.f April 1, 2009 for the AY 2010-11. Although the rules are la...

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If you salary has larger proportion of perquisites then you will need to pay more tax for this year

Income Tax - It's not often that the taxman comes to sting you five-and-a-half months after the budget speech. But finance minister Pranab Mukherjee's decision to abolish the fringe benefits tax (FBT) last July is only now being clarified by the taxman, and the net result is that you will pay more tax.Not everybody, though. The abolition of FBT affect...

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FBT replaced by perquisites, Government notified rules related to valuation of perquisites

Income Tax - Employees will now have to pay taxes on perquisites given to them by their employers as the Central Board of Direct Taxes has notified the much-awaited rules for valuation of the benefits. With these rules, the fringe benefit tax (FBT) being paid by employers for giving non-cash benefits, including cars and employee stock options (ESOPs),...

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‘No concession no perquisite’ is for employee and not for employer for TDS Deduction – SC

Regional Dir. ONGC Ltd. Vs Assn. of Sc. & Tech. Offr. ONGC Ltd. (Supreme Court in India) - Scheme of the Act provides that after the employer deducts from the salary of the employee the tax and pays the same to the Central Government, a Tax Deduction Certificate is furnished to the employee and it is for the employee to claim before the Assessing Officer in the assessment proceedings and ...

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Revised rules for valuation of perquisites for F.Y. 2009-10 & amp; onwards

Notification No. 94/2009 - Income Tax - (18/12/2009) - Notification No. 94/2009 - Income Tax For the purpose of computing the income chargeable under the head Salaries, the value of perquisites provided by the employer directly or indirectly to the assessee (hereinafter referred to as employee) or to any member of his household by reason of his employm...

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Recent Posts in "perquisite valuation rules"

HRA vs Rent Free accommodation- Comparison & Calculator

For salaried people most of the companies provide House Rent Allowances (HRA) and many companies also provide the facility of Rent free accommodation. Many companies provide the facility of House Rent Allowance (HRA) and in case the employee opt for rent free accommodation facility then HRA is not allowed....

Read More
Posted Under: Income Tax | ,

Valuation of perquisite in respect of free education

Fixed education allowance given in cash by the employer to the employee to meet the cost of education of the family members of the employee is exempt from tax to the extent of Rs. 100 per month per child (up to a maximum of two children). Moreover,any allowance granted to an employee to meet hostel expenditure of his child is exempt from ...

Read More
Posted Under: Income Tax |

Salary Income – Meaning of term Perquisite and Taxability

Dictionary meaning 1. A gain or profit incidentally made from employments in addition to regular salary or wages,especially one of a kind expected or promised 2. Casual emolument or benefit attached to an office or position in addition to salary or wages 3. Anything left over that a servant or other has by custom a […]...

Read More
Posted Under: Income Tax |

Reimbursement of medical expense is not perquisite u/s 17(2)

Brief facts of the case are that The assessee received a sum of Rs.90,090/- towards reimbursement of medical expenses from the company M/s Bajaj Consultants Pvt. Ltd., wherein, he is a Director and claimed the same as exempt u/s 17(2) of the Act. ...

Read More
Posted Under: Income Tax | ,

‘No concession no perquisite’ is for employee and not for employer for TDS Deduction – SC

Regional Dir. ONGC Ltd. Vs Assn. of Sc. & Tech. Offr. ONGC Ltd. (Supreme Court in India)

Scheme of the Act provides that after the employer deducts from the salary of the employee the tax and pays the same to the Central Government, a Tax Deduction Certificate is furnished to the employee and it is for the employee to claim before the Assessing Officer in the assessment proceedings and get a determination done and in case he ...

Read More

Rules for valuation of perquisite forming part of Salary Income

The rules for valuation of perquisite given by employer to employees are as under : - I. Accommodation :- For purpose of valuation of the perquisite of unfurnished accommodation, all employees are divided into two categories: (i)Central Govt. & State Govt. employees; and (ii)Others. For employees of the Central and State governments the v...

Read More
Posted Under: Income Tax | ,

SBI Interest Rates on 1st April, 2011- For perquisite valuation

State Bank of India: Interest Rates on 1st April, 2011- For the purpose of computing perquisite valuation Interest rates as on 1st April, 2011 on various loans in Personal Segment advances are as under – ...

Read More
Posted Under: Income Tax |

History of perquisite taxation

Way back on September 25, 2000, Rule 3 governing perquisites (perks) was amended by Notification SO 940(E). The major change brought in was taxing on a 'cost to employer' basis, thereby giving perks the colour and character of salary. This in turn resulted in many employers increasing the salary of the employee instead of granting perks, ...

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Posted Under: Income Tax | ,

New perquisites valuation rules for Assessment Year 2010-11 are replica of old rules

The salaried class, reeling under the inflationary pressures, has suffered yet another setback this holiday season with the announcement of new perquisite valuation rules by the Central Board of Direct Taxes (CBDT) on December 18. The new rules have come in the wake of the abolishment of fringe benefit tax (FBT) by finance minister Pranab...

Read More
Posted Under: Income Tax |

Salary Income -Valuation of Perquisites

Valuation of Perquisites under Rule 3 of Income Tax Rule 1962 read with sub section 2 of section 17 of Income Tax Act, 1961 (As Revised wide Income Tax (Thirteenth Amendment) Rules. 2009). The Finance (No. 2) Act, 2009, has withdrawn the levy of Fringe Benefit Tax ("FBT") on expenditure incurred by an employer on or after 1 April 2009. Co...

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Posted Under: Income Tax |
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