Perquisite treatment under income tax: employer provided accommodation, benefits and contributions may constitute taxable perquisites. The statutory concept of perquisite treats a range of employer provided benefits as taxable components of salary: rent free or concessional accommodation (valued as prescribed), benefits or amenities provided free or at concessional rates to directors, substantial interest holders and certain higher earning employees, employer payments of employee obligations, employer contributions to life assurance, annuities, specified securities or sweat equity, and employer contributions to provident, pension and superannuation schemes (subject to prescribed limits and annual accretion rules), plus other prescribed fringe benefits; specified medical benefits, approved insurance premiums and certain overseas medical expenditures are expressly excluded subject to conditions.
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 treatment under income tax: employer provided accommodation, benefits and contributions may constitute taxable perquisites.
The statutory concept of perquisite treats a range of employer provided benefits as taxable components of salary: rent free or concessional accommodation (valued as prescribed), benefits or amenities provided free or at concessional rates to directors, substantial interest holders and certain higher earning employees, employer payments of employee obligations, employer contributions to life assurance, annuities, specified securities or sweat equity, and employer contributions to provident, pension and superannuation schemes (subject to prescribed limits and annual accretion rules), plus other prescribed fringe benefits; specified medical benefits, approved insurance premiums and certain overseas medical expenditures are expressly excluded subject to conditions.
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