TaxTMI 
TaxTMI 
Salary, perquisite and profits in lieu of salary defined
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....e by the Central Government ^3[or any other employer] in the previous year, to the account 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....
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....vailable rights in the nature of intellectual property rights or value additions, by whatever name called; (c) the value of any specified security or sweat equity shares shall be the fair market value of the specified security 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 a....
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....surance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999),] for the purposes of section 80D; (v) ^36[****] (vi) any expenditure incurred by the employer on- (1) medical treatment of the employee, or any member of the family of such employee, 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....
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....07 w.e.f. 01-04-2004 4. Inserted vide Section 11 of the Finance Act, 2007 w.e.f. 01-04-2002 5. Substituted vide Section 11 of the Finance Act, 2007 w.e.f. 01-04-2006 before it was read as, "(a) in a case where an unfurnished accommodation is provided by any employer other than the Central Government or any State Government and- (i) the accommodation is owned by the employer, the value of the accommodation determined at the rate of ten per cent of salary in cities having population exceeding four lakhs 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 pa....
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....t, 1956 (42 of 1956) and includes employees' stock option and sweat equity shares; (c) "sweat equity shares" means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called; and (d) "value" means the difference between the fair market value and the cost for acquiring specified securities." Earlier, Inserted vide Section 10 of the Finance Act, 1999 w.e.f. 01-04-2000. 14. Inserted vide Section 40 of the Labour Provident Fund Laws (Amendment) 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, Inser....
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....as, "(vi) where the employer has advanced any loan to the employee for the purpose of building a house or purchasing a site or a house and a site or for purchasing a motor car, and either no interest is charged by the employer on the amount of such loan or interest is charged at a rate lower than the rate of interest which the Central Government may, having regard to the rate of interest charged by it from its employees on loans for such purpose granted to them, specify in this behalf by notification in the Official Gazette, an amount equal to,- (a) in a case where such loan is advanced without charging any interest, the interest calculated in the prescribed manner on such loan at the rate so specified; (b) in a case where such loan is advanced by charging 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 ref....
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..... 01-04-2020 39. Inserted vide Section 10 of the Finance Act, 2023 w.e.f. 01-04-2023 40. Inserted vide Section 10 of the Finance Act, 2023 w.e.f. 01-04-2024 41. Substituted vide Section 10 of the Finance Act, 2023 w.e.f. 01-04-2024 before it was read as, "(ii) the value of any concession in the matter of rent respecting any accommodation provided to the assessee by his employer; ^4[Explanation 1.-For the purposes of this sub-clause, concession in the matter of rent shall be deemed to have been provided if,- ^5[(a) in a case where an unfurnished accommodation is provided by any employer other than the Central Government or any State Government and- (i) the accommodation is owned by the employer, the value of the accommodation determined at the specified rate 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 employ....