perquisites in salary articles

Tax Treatment of Income from Salary in Brief

Salary is defined to include: a) Wages b) Annuity c) Pension d) Gratuity e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages f) Advance of Salary g) Leave Encashment h) Annual accretion to the balance of Recognized Provident Fund i) Transferred balance in Recognized Provident Fund j) Contribution by Cent...

Read More
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....

Read More
Posted Under: Income Tax | ,

SBI Interest rate as on 01.04.2020 (AY 2021-22)- Valuation of Interest Free Loan As Perquisites

Interest free or concessional loans [Rule 3(7)(i)]: It is common practice, particularly in financial institutions, to provide interest free or concessional loans to employees or any member of his household. The value of perquisite arising from such loans would be the excess of interest payable at prescribed interest rate over interest, if...

Read More
Posted Under: Income Tax |

Tax Treatment – Salary Income, allowances & perquisites

Salary is chargeable to tax on due or receipt basis whichever is earlier and includes wages, annuity or pension, gratuity, fees, commission, perquisites or profits in lieu of salary, advance salary, leave encashment, etc....

Read More
Posted Under: Income Tax |

Exemption towards tax paid by employer on non-monetary perquisites: Section 10(10CC)

Provisions of section 10(10CC) of the Income Tax Act exempts the income tax paid by the employer (on behalf of the employee) on the non-monetary perquisites provided to the employee. The current article simplifies the said exemption provisions of section 10(10CC) of the Income Tax Act. Understanding the provisions of section 10(10CC)̵...

Read More
Posted Under: Income Tax |

Salary Income- Perquisite Valuation, Exempt Allowances & Deductions

Salary is said to be the remuneration received by or accruing to an individual for service rendered as a result of an express or implied contract. The statute, gives an inclusive but not exhaustive definition of salary. As per sec. 17(1), salary includes therein (i) Wages (ii) Annuity or pension (iii) Gratuity (iv) fees, commission, perqu...

Read More
Posted Under: Income Tax | ,

Perquisites- Domestic Servants, Gas/Electricity/water, Education, Sweat Equity

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...

Read More
Posted Under: Income Tax |

Valuation of Motor Car Provided by Employer as Perquisites

There are various perquisites which are provided by the employer to employee during the year. Motor car as a perquisite is one of the famous perquisites provided by employer. Generally, this kind of perquisite is provided to senior employees of the organization. The taxability of perquisites is covered under Rule 3 of Income Tax Rules, [&...

Read More
Posted Under: Income Tax |

Valuation of Rent Free Accommodation

In this article I’ll be discussing the valuation of a rent free unfurnished accommodation given to an employee as a perquisite. The term accommodation includes a flat, farm house (or part thereof) or accommodation in a hotel, motel, service apartment, guest house, caravan, mobile home, ship or other floating structure. For the purpose o...

Read More
Posted Under: Income Tax | ,

Income Chargeable under The Head Salaries

Salary in common parlance means any amount paid by an employer to his employees in lieu of services rendered by them. However income tax act 1961 defines the term salary u/s 17(1) to include the following monetary as well as non monetary payments ...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (5,693)
Company Law (7,674)
Custom Duty (8,724)
DGFT (4,627)
Excise Duty (4,527)
Fema / RBI (4,816)
Finance (5,187)
Income Tax (38,465)
SEBI (4,134)
Service Tax (3,782)

Search Posts by Date

September 2021
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
27282930