Perquisite classification clarifies which employer provided benefits are taxable and which employer medical and commute benefits are excluded. The provision defines perquisite to include employer provided accommodation, concessional accommodation, benefits to directors or high paid employees, specified securities and sweat equity allotted free or concessional, employer paid obligations and life assurance premiums (with specified fund exclusions), and employer contributions to retirement funds in excess of a prescribed annual threshold plus related accretions. It also lists exclusions for employer provided medical treatment, approved health insurance premiums, commuting expenses, and conditional exclusions for overseas medical and travel costs, and supplies related definitions and valuation rules.
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.
Perquisite classification clarifies which employer provided benefits are taxable and which employer medical and commute benefits are excluded.
The provision defines perquisite to include employer provided accommodation, concessional accommodation, benefits to directors or high paid employees, specified securities and sweat equity allotted free or concessional, employer paid obligations and life assurance premiums (with specified fund exclusions), and employer contributions to retirement funds in excess of a prescribed annual threshold plus related accretions. It also lists exclusions for employer provided medical treatment, approved health insurance premiums, commuting expenses, and conditional exclusions for overseas medical and travel costs, and supplies related definitions and valuation rules.
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