Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Bonuses and Commissions Classified as 'Perquisites' Under Income Tax Act, 1961 for Assessments Up to 1971-72.</h1> Bonus, commission, or any cash allowance paid to an employee should be treated as a 'perquisite' rather than 'remuneration' under the Income Tax Act, 1961. This classification affects how these payments are aggregated with other perquisites for tax purposes, specifically concerning the limit of 1/5th of the salary for disallowance. Previous circulars on this matter are superseded by this instruction. The instruction applies to assessments up to the year 1971-72, as later amendments to the Act have redefined 'salary' and 'perquisite', making this guidance inapplicable for subsequent years. Pending assessments and appeals should align with these clarifications.
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