Income Tax : The draft rules revamp perquisite valuation and allowances, raising car-related taxes while expanding relief for education, HRA, a...
Income Tax : The draft Income-tax Rules, 2026 consolidate perquisite valuation into a single framework and significantly raise exemption limits...
Income Tax : The rules clarify how rent-free or concessional housing is taxed differently for government and private employees, depending on lo...
Income Tax : Interest-free or concessional loans from employers are taxable as perquisites under Section 17. Learn how to calculate the taxable...
Income Tax : Understand tax rules for rent-free or concessional employer-provided accommodation. Learn valuation methods, exemptions, and perqu...
Income Tax : Perquisites includes the value of any concession in the matter of rent respecting any accommodation provided to the assessee by hi...
Income Tax : State Bank of India: Interest Rates on 1st April, 2011- For the purpose of computing perquisite valuation Interest rates as on 1st...
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Income Tax : ITAT Delhi dismisses Revenue's appeal against order of Commissioner of Income Tax (Appeals) regarding valuation of perquisites and...
Income Tax : CIT Vs Shankar Krishnan (Bombay High Court) Whether Notional Interest on Security Deposit paid by employer for accommodation of it...
Income Tax : ITAT held that order of the ld CIT(A) is hereby affirmed where he has held the assessee bank to be assessee in default for short-d...
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 com...
Income Tax : Scheme of the Act provides that after the employer deducts from the salary of the employee the tax and pays the same to the Centra...
Income Tax : Corrigendum for the Notification bearing G.S.R. No. 615 (E) dated 18.08.2023 i.e. Income Tax Notification No. 65/2023 dated 18th A...
Income Tax : CBDT has modified Income Tax Rules, 1962, to determine the value of perquisite for residential accommodation provided by employers...
Income Tax : CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source ...
Income Tax : Notification No. 94/2009 - Income Tax For the purpose of computing the income chargeable under the head Salaries, the value of pe...
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 value of perquisite shall be equal to the licence fee charged for such accommodation as reduced by the rent actually paid by the employee.
In this article we are covering following Perquisites taxable as salary- 1. Domestic Servants, 2. Gas, Electricity or water supplied by employer, 3. Education facility, 4. Specified Security or Sweat Equity Shares Allocated, 5. Interest Free Loans
ITAT held that order of the ld CIT(A) is hereby affirmed where he has held the assessee bank to be assessee in default for short-deduction of TDS on LFC/LTC claim relating to foreign leg of the travel of its employees being not eligible for exemption under section 10(5) r/w Rule 2B.
It is felt that in many cases, neither the employers nor their employees are aware about the includability of the value of various perquisites in the total income of the employees. In some cases, employers and employees are not aware as to how to correctly value the perquisites. Efforts have been made to address all […]
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.
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 tax to the extent of Rs.300 per month per child for a maximum of two children.
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 […]
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.
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 succeeds before the Assessing Officer, he will be entitled to refund out of the amount of tax deducted at source by the employer.
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 –
