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of <h1>Employers must value fringe benefits using specific percentages under Section 115WC with industry-specific rates</h1> Section 115WC of the Income Tax Act establishes the valuation method for fringe benefits provided by employers. The provision calculates fringe benefit value based on cost to employer minus employee contributions, with specific percentages applied to different expense categories: twenty percent for general expenses, fifty percent for certain specified expenses, and five percent for others. Special reduced rates of five percent apply to specific industries including hotels, airlines, shipping, construction, pharmaceuticals, and software manufacturing. The section also covers employee stock options, requiring valuation at fair market value when options vest, reduced by amounts paid by employees.
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