TaxTMI 
TaxTMI 
Perquisite
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.... 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 of paragraphs (a) and (b) of this sub-clause do not apply and whose income under the head "Salaries" (whether due from, or paid or allowed by, one or more employers), exclusive of the value of all benefits or amenities not provided for by way of monetary payment, exceeds [such amount as may be prescribed]: Explanation.- For the removal o....
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.... 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 any previous year computed in such manner as may be prescribed; and (viii) the value of any other fringe benefit or amenity as may be prescribed: Provided that nothing in this clause shall apply to,- (i) the value of any medical treatment provided to an employee or any member of his family in any hospital maintained b....
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....ect of any premium paid by the employee to effect or to keep in force an insurance on his health or the health of any member of his family under any scheme approved by the Central Government or the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999,for the purposes of section 80D; (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 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 con....
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.... says 'perquisite' to be : "An incidental employment fee or profit over and above fixed income, salary or wages. Also called perk, (Para)". By way of illustration it has enumerated, use of a servant, a servant's customary right to claim used or discarded items, any bonus or fringe benefits granted to an employee as free use of company car. This is by no means exhaustive to encompass all that comes within the purview of term perquisite in its ordinary sense, as an incidental or additional emolument, benefit, amenity or advantage attached to office. By envisaging an inclusive definition of term 'perquisite' in the context of income from salary this generic meaning of perquisite is adopted by legislature. The word "pe....