MISCELLANEOUS POINTS WRT PERQUISITES
MISCELLANEOUS POINTS WRT
PERQUISITES:
•
'Member of Household' of the employee
shall include the following persons:
Ø Spouse/spouses of the employee;
Ø Children of the employee and their spouses;
Ø Parents of the employee; and
> Servants and dependents.
• Treatment of Taxes
Paid by the Employer on Behalf of the Employee:
PAYMENT OF INCOME TAX BY
EMPLOYER ON BEHALF OF EMPLOYEE - Section 10(10CC)
|
Nature
of Tax Paid by the Employer on
Behalf of the Employee |
Treatment
in the Hands of the Employee |
Treatment
in the Hands of the Employer |
|
Income tax on salary income of the employee |
The amount of
tax shall be taxable in
the hands of the employee as a monetary perquisite u/s 17(2)(iv). |
The amount of tax is allowed as deduction to the
employer while calculating
his income u/h PGBP. |
|
Income tax on monetary perquisite provided to the
employees |
The amount of
tax shall be taxable in
the hands of the employee. |
The amount of tax is allowed as deduction to the
employer while calculating
his income u/h PGBP. |
|
Income tax on
non-monetary perquisite provided to the
employees |
•
The amount of
tax shall be exempt in the
hands of the employee to the
extent
specified u/s 10(10CC). •
The amount
of tax in
excess of the amount specified u/s 10(10CC) shall be taxable in the hands of the employee. |
•
The amount
of tax to the extent specified u/s 10(10CC) is NOT
allowed as deduction to the employer. - (Section 40(a)) •
The amount of tax in excess of
the amount specified u/s 10(10CC) shall be allowed as
deduction to the employer while calculating his PGBP income. |
Demo Classes of Tax by Prof. Vinit Sir: https://www.conceptonlineclasses.com/demovideos
Visit Website: https://www.conceptonlineclasses.com/
#MISCELLANEOUSPOINTSWRTPERQUISITES
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