Perquisites - Credit Cards Facility - (New) Rule 15(5)(a) / (Old) Rule 3(7)(v)

Perquisite valuation for employer-paid credit card expenses taxable after excluding official-use expenditure and employee recoveries.

Perquisite valuation for employer-paid credit card facilities equals employer-incurred expenses including membership and annual fees, less expenditures for official purposes and any amounts recovered from the employee; no taxable value arises if detailed records and an employer certificate show the expenses were incurred wholly and exclusively for official duties.