PERQUISITES.txt

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Anonymous
ID:
207762
Filename:
PERQUISITES.txt
Updated:
2013-03-17 08:43:36
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PERQUISITES
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Description:
PERQUISITES AS DEFINED IN THE INCOME TAX ACT 1961
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  1. PERQUISITES- 1
    1.the value of rent-free accommodation provided to the assessee by his employer[Sec.17(2)(i)]
  2. PERQUISITES- 2
    2.the value of any concession in the matter of rent respecting any accomodation provided to the assessee by his employer[Sec.17(2)(ii)]
  3. PERQUISITES-3
    • 3.the value of any benefit or amenity granted or provided free of cost or at concessional rate in any of the following cases:
    •  
    • (1)by a company to an employee who is a director thereof  
    • (2) by a company to an employee,being a person who has substantial interest in the company
    • (3) by any employer(including a company) to an employee to whom provisions of(1) and(2) above do not apply and whose income under the head SALARIES exclusive of the value of all benefits or amenities not provided for by way of monetary benefits,exceeds Rs.50,000 [Sec.17(2)(iii)]
  4. PERQUISITES-4
    4.any sum paid by the employer in respect of any obligation which but for such payment would have been payable by the assessee[Sec.17(2)(iv)]
  5. PERQUISITES-5
    5.any sum payable by the employer,whether directly or through a fund other than a recognised Provident Fund or approved Superannuation Fund or a Deposit-linked Insurance Fund to effect an assurance on the life of the assessee or to effect a contract for an annuity[Sec.17(2)(v)
  6. PERQUISITES-6
    6.the value of any specified security or sweat equity shares allotted or transmitted,directly or indirectly,by the employer,or former employer,free of cost or at concessional rate to the assessee[Sec.17(2)(vi)]   
  7. PERQUISITES-7
    7.the amount of any contribution to an Approved Superannuation Fund by the employer in respect of the assessee,to the extent it exceeds ONE LAKH RUPEES[Sec.17(2)(vii)
  8. PERQUISITES-8
    8.the value of any other Fringe Benefit or Amenity as may be prescribed[Sec.17(2)(viii)]
  9. PERQUISITES- SECTION
    Under the Act,the term PERQUISITES is defined by Section 17(2)

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