Taxation of perquisites now includes value of benefits from business or profession, whether convertible to money. Insertion of a new clause into section 28 treats the value of any benefit or perquisite arising from business or the exercise of a profession as income, capturing benefits whether or not convertible into money and thus expressly includible within chargeable receipts from business or professional activity.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Taxation of perquisites now includes value of benefits from business or profession, whether convertible to money.
Insertion of a new clause into section 28 treats the value of any benefit or perquisite arising from business or the exercise of a profession as income, capturing benefits whether or not convertible into money and thus expressly includible within chargeable receipts from business or professional activity.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.