perquisites in salary

Hospital Application for Nil Perquisite on Employee Medical Expenses

Income Tax - Discover how hospitals can secure tax benefits for employees' medical expenses. From perquisite definitions to approval procedures, delve into the intricate details of Section 17(2) and Rule 3A...

Taxation of Perquisites in India: Types and Exemptions

Income Tax - Types of perquisites in India, their tax implications, and exemptions under the Income Tax Act. Learn who pays perquisite taxes and key considerations....

Diwali Gifts, Perquisites, and Income Tax Issues

Income Tax - Diwali season brings the joy of giving and receiving gifts - from income tax exemptions to perquisites. Learn more about Diwali gifts and all their tax implications. ...

Taxability of concessional or interest-free loan perquisite by Employee

Income Tax - Discover when interest-free employee loans become taxable perquisites. Learn the rules, exemptions, and calculations for tax on concessional loans...

Taxability of Perquisite in rent-free or concessional Employee Accommodation

Income Tax - Tax implications of rent-free or concessional rate accommodations provided by employers to employees in India. Understand valuation, exemptions, and calculations....

Rent Concession on house provided to assessee by employer is perquisites

Income Tax - Perquisites includes the value of any concession in the matter of rent respecting any accommodation provided to the assessee by his employer....

GST on Gift & perquisites supplied by companies to their employees

Income Tax - Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. However, gifts of value more than Rs 50,000/- made without consideration are subject to GST, when made in the course or furtherance of business....

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 – ...

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...

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...

Notional Interest on Security Deposit paid by employer for accommodation of its employee – perquisites?

CIT Vs Shankar Krishnan (Bombay High Court) - CIT Vs Shankar Krishnan (Bombay High Court) Whether Notional Interest on Security Deposit paid by employer for accommodation of its employee will also be included while calculating perquisites. BRIEF FACTS: 1. The Assessee is a salaried employee with McKinley & Company Inc., India. The Assessee ...

Non-charging of interest on loan to director – Perquisite?

DCIT Vs Shri Shekhar G. Patel (ITAT Ahmedabad) - Non-charging of interest on the loan amount given by lending company to its director could not be a perquisite as no remuneration or salary in the capacity of the director had been drawn from the lending company nor any interest expenditure was shown in its profit and loss account....

LTC: TDS deductible on reimbursement to staff for foreign travel leg

State Bank of Bikaner and Jaipur (Now SBI) Vs ITO (TDS) (ITAT Jaipur) - 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....

Relief U/s. 89 available in respect of any arrear related to a Perquisite

Rajesh Kumar Vs. ACIT (ITAT Agra) - Rajesh Kumar vs. ACIT (ITAT Agra) Section 17(1) defines ‘salary’ and ‘perquisite’ separately for the purposes of sections 15 and 16. Section 15 is the charging section qua income from salary, whereas section 16 deals with deduction there-from. Section 17(1)(iv) says that ‘salary’ include...

TDS U/s. 192 deductible on car running & maintenance expenses paid to staff

TCG Lifesciences Pvt. Ltd. Vs ITO (ITAT Kolkata) - TCG Lifesciences Pvt. Ltd. Vs ITO (ITAT Kolkata)  In the present case, the requisite details as specified in Clause (B) of sub-rule 2 of rule 3 of Income Tax Rules 1962 were not maintained by the assessee and this being the undisputed position, we find ourselves in agreement with the authorities be...

Correction to Income Tax Notification for Accommodation Perquisite Valuation

Notification No. 72/2023-Income Tax, [G.S.R. 636(E).] - (29/08/2023) - 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 August, 2023 related to Amended Income Tax Rules for Valuation of Accommodation Perquisite. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) COR...

CBDT Amends Income Tax Rules for Valuation of Accommodation Perquisite

Notification No. 65/2023-Income-Tax [G.S.R. 615(E)] - (18/08/2023) - CBDT has modified Income Tax Rules, 1962, to determine the value of perquisite for residential accommodation provided by employers....

TDS & Tax on Salary | Section 192 | FY 2021-22 | AY 2022-23

Circulars No 04/2022 - (15/03/2022) - CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source (TDS) on Salary or Income Tax Payable on Salary for the Financial Year 2021-22 / Assessment Year 2022-23.  GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE...

CBDT revises Form No. 12BA, Part B to Form 16, Annexure II to Form No. 24Q

Notification No. 15/2021-Income Tax [G .S. R. 170(E)] - (11/03/2021) - CBDT revises Form No. 12BA (Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu of salary with value thereof), Part B to Form 16 (Details of Salary Paid and any other income and tax deducted) and Annexure II to Form No. 24Q vide Notification No. 15/20...

TDS and Tax on Salary | Section 192 | FY 2019-20 | AY 2020-21

Circular No. 04/2020-Income Tax - (16/01/2020) - CBDT has released Circular No. 4/2020 which explains provisions related to TDS on Salary under Section 192 of Income Tax Act, 1961 applicable for A.Y. 2020-21 or F.Y. 2019-20. Circular also explains taxation of different components of Salary, Tax Treatment of Allowances, Perquisites, Retirement bene...

Recent Posts in "perquisites in salary"

Hospital Application for Nil Perquisite on Employee Medical Expenses

Discover how hospitals can secure tax benefits for employees' medical expenses. From perquisite definitions to approval procedures, delve into the intricate details of Section 17(2) and Rule 3A...

Posted Under: Income Tax |

Taxation of Perquisites in India: Types and Exemptions

Types of perquisites in India, their tax implications, and exemptions under the Income Tax Act. Learn who pays perquisite taxes and key considerations....

Posted Under: Income Tax |

Diwali Gifts, Perquisites, and Income Tax Issues

Diwali season brings the joy of giving and receiving gifts - from income tax exemptions to perquisites. Learn more about Diwali gifts and all their tax implications. ...

Posted Under: Income Tax |

Taxability of concessional or interest-free loan perquisite by Employee

Discover when interest-free employee loans become taxable perquisites. Learn the rules, exemptions, and calculations for tax on concessional loans...

Posted Under: Income Tax | ,

Taxability of Perquisite in rent-free or concessional Employee Accommodation

Tax implications of rent-free or concessional rate accommodations provided by employers to employees in India. Understand valuation, exemptions, and calculations....

Posted Under: Income Tax | ,

Correction to Income Tax Notification for Accommodation Perquisite Valuation

Notification No. 72/2023-Income Tax, [G.S.R. 636(E).] 29/08/2023

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 August, 2023 related to Amended Income Tax Rules for Valuation of Accommodation Perquisite. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) CORRIGENDUM New Delhi Notification No. 72/2...

CBDT Amends Income Tax Rules for Valuation of Accommodation Perquisite

Notification No. 65/2023-Income-Tax [G.S.R. 615(E)] 18/08/2023

CBDT has modified Income Tax Rules, 1962, to determine the value of perquisite for residential accommodation provided by employers....

Tax Treatment of Income from Salary in Brief

Understand taxability of various salary components, allowances, perquisites, and retirement benefits in India. Learn about exemptions and deductions to optimize your tax planning....

Posted Under: Income Tax | ,

Income tax on Salary Income

Explore the complexities of Income Tax on Salary Income. From the employer-employee relationship to the nuances of salary accrual and chargeability, understand the intricacies of contracts and tax implications. Learn about allowances, exemptions, and deductions, ensuring comprehensive insight into salary-related tax matters. Stay informed...

Posted Under: Income Tax |

Salary Income – Answer to Common issues

section 17​​ of the Income-tax Act defines the term salary. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary....

Posted Under: Income Tax | ,

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