perquisites5.txt

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Anonymous
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207838
Filename:
perquisites5.txt
Updated:
2013-03-17 16:54:44
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perquisites
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Description:
Perquisites given under sec 17(2)
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  1. Furnished/Unfurnished House without rent or at Concessional Rent-1
    1.NOT chargeable to tax if provided in a REMOTE AREA
  2. Furnished/Unfurnished House without rent or at Concessional rent-2
    2.Hotel Accomodation for 15 days(in aggregate in a Previous Year) can be provided immediately after transfer at the new location as a TAX-FREE perquisite.
  3. Furnished/Unfurnished House without rent or at Concessional rent-3
    3.If an Employee is Transfered and Housing Facility is provided to him at the new location(he has yet to vacate a house given at the old location),for a Period of 90 Days immediately after Transfer ONLY ONE HOUSE(at the option of the Employee at the old location or new location) is chargeable to tax and the other one will be tax-free.
  4. Furnished/Unfurnished House without rent or at Concessional rent-4
    4.Further,Rent-free House is NOT taxable if it is provided to a High Court Judge,Supreme Court Judge,Union Minister,Leader of Opposition in Parliament,an Official in Parliament and serving Chairman and Members of UPSC.
  5. Service of a sweeper,gardener,watchman or personal attendant
    Not Taxable if the employee is a non-specified employee.
  6. Supply of Gas,Electricity or Water for Household purposes
    Not Taxable if the employee is a non-specified employee
  7. Education Facility to employee's family members
    Not taxable if the employee is a non-specified employee.
  8. Leave Travel Concession
    1.Not Taxable twice in a block of 4 years

    2.Not Taxable if the Employee is a Non-specified employee
  9. Amount paid by an employer in respect of any obligation which otherwise would have been payable by the employee.
    TAX BORNE by EMPLOYER on Non-monetary perquisites of Employee
  10. Amount payable by an Employer Directly or Indirectly to effect an assurance on the life of Employee or to effect a contract of an annuity
    Contribution to recognised Provident Fund
  11. Interest-free/Concessional Loan-1
    1.If aggregate amount of Original Loan does NOT exceed Rs.20,000, the Perquisite is NOT taxable
  12. Interest-free/Concessional Loan-2
    2.Loanfor MedicalTreatment(givenin rule 3A) is NOT taxable subject to a few Conditions
  13. Providing use of Movable Asset
    Providing use of Computer / Laptop in any case are NOT Taxable.
  14. Transfer of Movable Asset
    see para 44.12
  15. Medical Facility-1
    1.Medical Facility provided in a Hospital owned/maintained by the Employer is NOT chargeable to Tax.
  16. Medical Facility -2
    2.Medical Facility provided by an Employer in a Govt. Hospital, Approved Hospital (if a few Conditions are satisfied)

    or a Pvt.Hospital (if such Pvt Hospital is recommended by the Govt for the Medical Treatment of Govt Employees) is NOT chargeable to Tax.
  17. Medical Facility-3
    3.Medical Insurance premium paid or reimbursed by the Employer is NOT chargeable to Tax
  18. Medical Facility-4
    4.Any Other Expenditure incurred or reimbursed by the Employer for providing Medical Facility in India is NOT chargeable to Tax up to Rs. 15,000 in aggregate per assessment year (FIXED MEDICAL ALLOWANCE IS FULLY CHARGEABLE TO TAX)
  19. Medical Facility-5
    5.Expenditure on Medical Treatment Outside India is NOT Chargeable to Tax, if a few CONDITIONS are satisfied.
  20. Medical Facility-6
    6.Further,the perquisite in respect of Medical Facility is NOT Taxable if the Employee is a Non-specified Employee.
  21. Car or any Other Automotive conveyance-1
    1.Not Taxable if the Employee is a ----------Non-specified Employee
  22. Car or any Other Automotive conveyance-2
    2.Conveyance Facility between Office and Residence NOT Taxable
  23. Car or any Other Automotive conveyance-3
    3.Conveyance Facility to High Court Judges,Supreme Court Judges and serving Chairman and Members of UPSC,is NOT chargeable to Tax.
  24. Transport Facility by a Transport Undertaking-1
    1.NOT Taxable if it is provided by an Airline or the Railways.
  25. Transport Facility by a Transport Undertaking-2
    2.NOT Taxable if the Employee is a Non-specified Employee
  26. Free food and beverages-1
    1.Food and Non-Alcoholic beverages provided in working hours in REMOTE AREA

    or in an OFF-SHORE INSTALLATION are EXEMPT from Tax
  27. Free food and beverages-2
    2.Tea,Coffee or Non-Alcoholic beverages and snacks in working hours are Tax-free Perquisites.
  28. Free food and beverages-3
    3.Meals (Lunch and/or Dinner) in Office hours is NOT Taxable if cost to the employer is Rs.50(or less) per meal 
  29. Travelling,Touring Accomodation
    see 44.17
  30. Gift or Gift Voucher
    Gift is in kind up to Rs.5,000 is exempt
  31. Credit Card
    see 44.19
  32. Club
    see 44.20
  33. Tax of an Employee paid by his Employer
    Tax on Non-monetary perquisites paid by the Employer is EXEMPT.
  34. Value of any Specified Security/Sweat Equity Shares allotted or transferred to an employee or former employee
    see 44.21
  35. Employer's contribution towards Superannuation Fund
    NOT Chargeable to Tax if Employer's contribution is Rs.1 lakh or less per year
  36. Perquisites received by a Teacher/Professor from SAARC Member States
    NOT Taxable for 2 years
  37. Any Other Benefit or Amenity,Service,Right or Privilege
    Telephone/Mobile is NOT Chargeable to TAX.

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