TaxTMI 
TaxTMI 
Salary, perquisite and profits in lieu of salary defined
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....count of an employee under a pension scheme referred to in section 80CCD;] 39[(ix) the contribution made by the Central Government in the previous year, to the Agniveer Corpus Fund account of an individual enrolled in the Agnipath Scheme referred to in section 80CCH;] (2) "perquisite" includes- (i) the value of rent-free accommodation provided to the assessee by his employer 40[computed in such manner as may be prescribed]; 41[(ii) the value of any accommodation provided to the assessee by his employer at a concessional rate. Explanation.-For the purposes of this sub-clause, it is clarified that accommodation shall be deemed to have been provided at a concessional rate, if the value of accommodation computed in such manner as may be prescribed, exceeds the rent recoverable from, or payable by, the assessee;] (iii) the value of any benefit or amenity granted or provided free of cost or at concessional rate in any of the following cases- (a) by a company to an employee who is a director thereof; (b) by a company to an employee being a person who has a substantial interest in the company; (c) by any employer (including a company) to an employee to whom the provisions ....
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....curity or sweat equity shares, as the case may be, on the date on which the option is exercised by the assessee as reduced by the amount actually paid by, or recovered from, the assessee in respect of such security or shares; (d) "fair market value" means the value determined in accordance with the method as may be prescribed; (e) "option" means a right but not an obligation granted to an employee to apply for the specified security or sweat equity shares at a predetermined price; 37[(vii) the amount or the aggregate of amounts of any contribution made to the account of the assessee by the employer-- (a) in a recognised provident fund; (b) in the scheme referred to in sub-section (1) of section 80CCD; and (c) in an approved superannuation fund, to the extent it exceeds seven lakh and fifty thousand rupees in a previous year; (viia) the annual accretion by way of interest, dividend or any other amount of similar nature during the previous year to the balance at the credit of the fund or scheme referred to in sub-clause (vii) to the extent it relates to the contribution referred to in the said sub-clause which is included in total income under the said sub-clause in a....
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.... outside India; (2) travel 21[and] stay abroad of the employee or any member of the family of such employee for medical treatment; (3) travel and stay abroad of one attendant who accompanies the patient in connection with such treatment, 22[subject to the condition that- (A) the expenditure on medical treatment and stay abroad shall be excluded from perquisite only to the extent permitted by the Reserve Bank of India; and (B) the expenditure on travel shall be excluded from perquisite only in the case of an employee whose gross total income, as computed before including therein the said expenditure, does not exceed 43[such amount as may be prescribed];] (vii) any sum paid by the employer in respect of any expenditure actually incurred by the employee for any of the purposes specified in clause (vi) subject to the conditions specified in or under that clause : 23[Provided further that for the assessment year beginning on the 1st day of April, 2002, nothing contained in this clause shall apply to any employee whose income under the head "Salaries" (whether due from, or paid or allowed by, one or more employers) exclusive of the value of all perquisites not provided for ....
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....hs as per 1991 census and seven and one-half per cent of salary in other cities, in respect of the period during which the said accommodation was occupied by the assessee during the previous year, exceeds the rent recoverable from, or payable by, the assessee; (ii) the accommodation is taken on lease or rent by the employer, the value of the accommodation being the actual amount of lease rental paid or payable by the employer or ten per cent of salary, whichever is lower, in respect of the period during which the said accommodation was occupied by the assessee during the previous year, exceeds the rent recoverable from, or payable by, the assessee;" 6. Inserted vide Section 11 of the Finance Act, 2007 w.e.f. 01-04-2006 7. Substituted vide Section 6 of the Finance Act, 1985 w.e.f. 01-04-1986 before it was read as, "under the head "Salaries", exclusive of the value of all benefits or amenities not provided for by way of monetary payment, exceeds eighteen thousand rupees;" 8. Substituted vide Section 13 of the Finance Act, 2001 w.e.f. 01-04-2002 before it was read as, "twenty-four" 9. Inserted vide Section 11 of the Finance Act, 2000 w....
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....ent) Act, 1976 w.e.f. 01-08-1976 15. Substituted vide Section 9 of the Finance (No. 2) Act, 2009 w.e.f. 01-04-2010 before it was read as, "(vi) the value of any other fringe benefit or amenity (excluding the fringe benefits chargeable to tax under Chapter XII-H) as may be prescribed:". Earlier Substituted vide Section 7 of the Finance Act, 2005 w.e.f. 01-04-2006 before it was read as, "(vi) the value of any other fringe benefit or amenity as may be prescribed." And was, Inserted vide Section 13 of the Finance Act, 2001 w.e.f. 01-04-2002 16. Inserted vide Section 9 of the Finance (No. 2) Act, 1991 w.e.f. 01-04-1991 17. Substituted vide Section 10 of the Finance Act, 1994 w.e.f. 01-04-1993 before it was read as, "(ii) any sum paid by the employer - (a) in respect of any expenditure actually incurred by the employee on his medical treatment or treatment of any member of his family in any hospital maintained by the Government or any local authority or any other hospital approved by the Government for the purposes of medical treatment of its employees; (b) directly to a hospital, approved by the Chief Commissioner having ....
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....ng interest at a rate lower than the rate so specified, the difference between the interest calculated in the prescribed manner on such loan at the rate so specified and the interest charged by the employer: Provided that this sub-clause shall not apply in the case of- (1) an employee of the Central Government or any State Government; or (2) an employee, not being an employee referred to in paragraph (a) or paragraph (b) of sub-clause (iii), whose income under the head "Salaries", exclusive of the value of all benefits or amenities not provided for by way of monetary payment, does not exceed eighteen thousand rupees;" Earlier, Inserted vide Section 7 of the Taxation Laws (Amendment) Act, 1984 w.e.f. 01-04-1985 26. Inserted vide Section 4 of the Finance (No. 2) Act, 1965 w.e.f. 01-04-1962 27. Inserted vide Section 24 of the Finance Act, 1975 w.e.f. 01-04-1976 28. Substituted vide Section 4 of the Direct Taxes (Amendment) Act, 1964 w.e.f. 06-10-1964 before it was read as, "or clause (12)" 29. Inserted vide Section 6 of the Finance Act, 1995 w.e.f. 01-04-1996 30. Omitted vide Section 6 of the Finance Act, 1995 w.e.f. 01-04-1996 befo....
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....ring the previous year exceeds the rent recoverable from, or payable by, the assessee; (ii) the accommodation is taken on lease or rent by the employer, the value of the accommodation being the actual amount of lease rental paid or payable by the employer or fifteen per cent of salary, whichever is lower, in respect of the period during which the said accommodation was occupied by the assessee during the previous year exceeds the rent recoverable from, or payable by, the assessee;] (b) in a case where a furnished accommodation is provided by the Central Government or any State Government, the licence fee determined by the Central Government or any State Government in respect of the accommodation in accordance with the rules framed by such Government as increased by the value of furniture and fixtures in respect of the period during which the said accommodation was occupied by the assessee during the previous year, exceeds the aggregate of the rent recoverable from, or payable by, the assessee and any charges paid or payable for the furniture and fixtures by the assessee; (c) in a case where a furnished accommodation is provided by an employer other than Central Government or ....