(a) any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not; (b) any salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer though not due or before it...
Car Lease Benefit availed by the employee NO Yes Value of Car Lease Rentals Paid by the employer (B) NA INR 4,80,000 Taxable Cash Salary in the hands of employee (C=A-B) INR 25,00,000 INR 20,20,000 Car Perquisite (Car Cubic Capacity: 1.8 litres Including driver) (D) NA INR...
the value or aggregate value of the Perquisite paid or likely to be paid to an Indian resident taxpayer is more than INR 20,000 twenty thousand rupees during the FY; and if the person responsible for providing the Perquisite is an individual or HUF, then their total sales, gross receipts ...
The buyer is given 12 months' time for completing the sale, at that point of time, balance amount has to be paid. Following two options are considered; Option 1- Payment of Rs. 10.00 Lakhs by account payee cheque on the date of this agreement and Rs. 30.00 Lakhs in cash on the same...
Taxability of Reimbursement of Medical Treatment by the Employer With Reference to Section 17(2) of the Income-tax Act, 1961, the reimbursement of medical expenses by an employer to an employee can, under certain conditions, be excluded from being considered a taxable perquisite. Here’s a det...
If the employer has deducted tax at source on the stipend income under section 192, the taxpayer should disclose stipend income under the head “Income under the head salary”. Otherwise, stipend income should be disclosed in the income tax return under “Income from other sources”. ...
There is no precise definition of "perquisite" in the tax legislation. Cash allowances are generally considered taxable for PIT purposes. The use of housing facilities by employees where the lease is signed in the employer's name can be non-taxable. PIT borne by an employer on behalf of an...
employer issues to you when TDS is deducted by them.When an employer deducts TDS on salaries, the income tax act requires that a certificate must be issued by the employer, where the details of tax deducted and deposited is certified.Our articleUnderstanding Form 16: Tax on incomeexplains ...
Whatever is received by an employee from an employer in cash, kind or as a facility (perquisite) is considered as Salary. If a person has the right/power to hire and fire another, then he is an employer of the latter. Our articleSalary, Net Salary, Gross Salary, Cost to Company: What...
The annual amount of premium paid is RM900. Then the amount of RM900 is a perquisite and is taxable. 7) Personal Driver, Guard or Maid If your employer allows reimbursements on the salary of personal drivers, guards or maids, then the amount that is reimbursed is considered to be a ...