perquisites - Page 3

New rules for valuation of perquisites for use of motor car by staff for personal use – provided by employer

The perquisites value of a motor car provided by an employer both for official and personal use has been enhanced by Rs. 600 to 800 per month depending on the engine capacity of the car. Also, the perquisites valuation for employer-provided chauffeur in such cases has been increased from Rs. 600 per month to Rs. 900 per month....

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Posted Under: Income Tax |

New Perquisite rules in respect of accommodation / house property provided by employer including accommodation in hotel

The much awaited new rules have now been notified by The Central Board of Direct Taxes (CBDT) vide Notification dated 18 December 2009. The amended provisions will be retrospectively effective from 1 April 2009 onwards. The new valuation rules as prescribed by CBDT and the comparative analysis with the earlier perquisite rules (Rule 3) ha...

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Posted Under: Income Tax |

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

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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Posted Under: Income Tax |

Tax burden of salaried increased as they have to pay taxes on perquisites as pre FBT norms returned back

Salaried taxpayers enjoying perks, such as chauffeur-driven cars, will see their tax outgo jumping in the next three months as the government changed the way these perks are valued and lumps their whole year collection to three months. The Central Board of Direct Taxes on Friday notified new rules for valuation of perquisites provided by...

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Posted Under: Income Tax |

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

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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Posted Under: Income Tax |

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 employment shall be determined in accordance wi...

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HR Management in the Accounting Practice

As employers, we all want people who have the right attitude and appropriate and adequate skill sets to work for us. We would like to have a work environment in which our people enjoy working. We want our people to be committed to the Firm. And of course, we are concerned about salary cost since it is the biggest item on our profit and lo...

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Posted Under: Income Tax |

CBDT called for thorough review of the direct tax code

Corporate India is not the sole critic of the Direct Taxes Code. The code, precursor to a brand new income tax law, has found opposition from within government, too. An internal committee of the Central Board of Direct Taxes, the principal policy-maker in the domain, has called for a thorough review of the code, including a revision of th...

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Posted Under: Income Tax |

New direct tax code for salaried persons

In the previous chapter we studied the impact of proposed tax rates and concluded it is more in favour of the rich and not for middle income group. A similar view has also been expressed by group of Senior Income Tax Officials in which they have stated “under the garb of providing long term stability in the tax regime, the tax code in f...

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Posted Under: Income Tax |

Taxability as perquisite of Transport facility provided to an employee from his residence to office and vice- versa

WNS Global services Pvt. Ltd. Vs ITO (ITAT Mumbai 'G' Bench)

Section 10 provides for the incomes which do not form part of total income, and cl.[i] of sub-sec.[14] of sec. 10 provides that any such special allowance or benefit, not being in the nature of a perquisite within the meaning of clause [2] of sec. 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in th...

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December 2021