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It is proposed to allow a standard deduction upto Rs 40,000/- or the amount of salary received, whichever is less. Consequently the present exemption in respect of Transport Allowance (except in case of differently abled persons) and reimbursement of medical expenses is proposed to be withdrawn.
Assessee was a non-employee director and share holder in the company and no salary or director’s fees was paid to her by the company during the year under consideration.
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.
As the assessee was not drawing any salary from POL then in our considered view the perquisites cannot be determined in terms of the provision of Sec. 17(2) r.w.r. 3 of the Rules.
CBDT had in its Finance Act, 2015 had introduced a new section 192(2D) of the Income-tax Act, (‘the IT Act’) wherein the person responsible for making payment of salary (employer) was obliged to collect the necessary evidence or proof in Form 12BB to allow any claim for any deduction and/or tax saving investments.
26C. Furnishing of evidence of claims by employee for deduction of tax under section 192.- (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars of the claims referred to in sub-rule (2), in Form No.12BB for the purpose of estimating his income or computing the tax deduction at source.
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.
