exempt perquisites
This query is : Resolved
11 October 2009
respected sir,
please provide me the list of the exempted perquisites.
thank u
please provide me the list of the exempted perquisites.
thank u
11 October 2009
is this list is correct?
(1) Telephone at residence;
(2) Goods sold at concessional rates;
(3) Transport facility provided by an employer engaged in the business trasportation.
(4) Privilege passes and privilege ticket orders granted by Indian Railways to its employees;
(5) Perquisites allowed outside India by the Government to a citizen of India for rendering services outside India;
(6) Sum payable by an employer to a RPF or an approved superannuation fund or depositlinked insurance fund established under the Coal Mines Provident Fund or the
Employees’ Provident Fund Act;
(7) Employer’s contribution to staff group insurance scheme;
(8) Leave travel concession;
(9) Payment of annual premium by employer on personal accident policy effected by him on the life of the employee;
(10) Refreshment provided to all mployees during working hours in office premises;
(11) Subsidized lunch or dinner provided to an employee;
(12) Recreational facilities, including club facilities, extended to employees in general i.e., not restricted to a few select employees;
(13) Amount spent by the employer on training of employees or amount paid for refresher management course including expenses on boarding and lodging;
(14) Medical facilities subject to certain prescribed limits;
(15) Rent-free official residence provided to a Judge of a High Court or the Supreme Court;
(16) Rent-free furnished residence including maintenance provided to an Officer of Parliament, Union Minister and a Leader of Opposition in Parliament;
(17) Conveyance facility provided to High Court Judges and Supreme Court Judges.
(18) Any benefit provided by a company free of cost or at a concessional rate to its employees by way of allotment of shares, debentures, or warrants directly or indirectly under the Employees Stock Option Plan.
(19) Guest house, holiday home facility.
(20) Gift, Voucher or Token given by the employer.
(21) Motor car facility.
(22) Credit card expenses reimbursed or paid by the employer.
if there is any change in this list due to withdrawing the FBT, please provide me the changed list.
thank u
(1) Telephone at residence;
(2) Goods sold at concessional rates;
(3) Transport facility provided by an employer engaged in the business trasportation.
(4) Privilege passes and privilege ticket orders granted by Indian Railways to its employees;
(5) Perquisites allowed outside India by the Government to a citizen of India for rendering services outside India;
(6) Sum payable by an employer to a RPF or an approved superannuation fund or depositlinked insurance fund established under the Coal Mines Provident Fund or the
Employees’ Provident Fund Act;
(7) Employer’s contribution to staff group insurance scheme;
(8) Leave travel concession;
(9) Payment of annual premium by employer on personal accident policy effected by him on the life of the employee;
(10) Refreshment provided to all mployees during working hours in office premises;
(11) Subsidized lunch or dinner provided to an employee;
(12) Recreational facilities, including club facilities, extended to employees in general i.e., not restricted to a few select employees;
(13) Amount spent by the employer on training of employees or amount paid for refresher management course including expenses on boarding and lodging;
(14) Medical facilities subject to certain prescribed limits;
(15) Rent-free official residence provided to a Judge of a High Court or the Supreme Court;
(16) Rent-free furnished residence including maintenance provided to an Officer of Parliament, Union Minister and a Leader of Opposition in Parliament;
(17) Conveyance facility provided to High Court Judges and Supreme Court Judges.
(18) Any benefit provided by a company free of cost or at a concessional rate to its employees by way of allotment of shares, debentures, or warrants directly or indirectly under the Employees Stock Option Plan.
(19) Guest house, holiday home facility.
(20) Gift, Voucher or Token given by the employer.
(21) Motor car facility.
(22) Credit card expenses reimbursed or paid by the employer.
if there is any change in this list due to withdrawing the FBT, please provide me the changed list.
thank u
21 July 2024
Certainly! Perquisites are benefits or amenities provided by an employer to an employee in addition to salary or wages. Some perquisites are exempt from income tax under specific conditions as per the Income Tax Act, 1961. Here is a list of common exempted perquisites:
1. **Rent-free Accommodation**: Provided by the employer to the employee.
2. **Concessional Rent Accommodation**: Accommodation provided at a concessional rate lower than the standard rent in the area.
3. **House Rent Allowance (HRA)**: Exemption available subject to certain conditions.
4. **Utilities**: Electricity, water, or any other amenities provided by the employer.
5. **Leave Travel Concession (LTC)**: Cost of travel of the employee and his family members on leave to any place in India.
6. **Medical Reimbursement**: Reimbursement of medical expenses incurred by the employee and family.
7. **Free or Subsidized Food and Non-alcoholic Beverages**: Provided during working hours in office premises.
8. **Use of Company Car**: When used for official purposes or chauffeur-driven.
9. **Interest-free or Concessional Loans**: Provided for medical treatment, education, etc., up to a certain limit.
10. **Gifts, Coupons, or Vouchers**: Given to employees on festive occasions, subject to specified monetary limits.
11. **Telephone and Internet Expenses**: Reimbursement or provision of these facilities by the employer.
12. **Club Memberships**: Fees or subscription paid by the employer for club memberships used for business purposes.
13. **Insurance Premium**: Paid by the employer for insurance cover of the employee.
14. **Transportation Allowance**: Reimbursement of transport expenses incurred by the employee.
15. **Uniform Allowance**: Allowance for purchase and maintenance of uniforms.
16. **Educational Facilities**: Expenses on education provided to employees' children in institutions maintained by the employer.
17. **Holidays and Vacations**: Expenses on holidays and vacations provided by the employer.
18. **Mobile Phone Expenses**: Reimbursement or provision of mobile phone for official use.
19. **Perquisites to Directors**: Specific exemptions available for perquisites provided to directors of companies.
20. **Retirement Benefits**: Exempted gratuity, pension, provident fund, etc., subject to certain limits and conditions.
Please note that these exemptions are subject to conditions and limits as specified under the Income Tax Act, 1961, and rules issued by the Income Tax Department. It's advisable to consult with a tax advisor or chartered accountant to understand specific exemptions applicable to your situation.
1. **Rent-free Accommodation**: Provided by the employer to the employee.
2. **Concessional Rent Accommodation**: Accommodation provided at a concessional rate lower than the standard rent in the area.
3. **House Rent Allowance (HRA)**: Exemption available subject to certain conditions.
4. **Utilities**: Electricity, water, or any other amenities provided by the employer.
5. **Leave Travel Concession (LTC)**: Cost of travel of the employee and his family members on leave to any place in India.
6. **Medical Reimbursement**: Reimbursement of medical expenses incurred by the employee and family.
7. **Free or Subsidized Food and Non-alcoholic Beverages**: Provided during working hours in office premises.
8. **Use of Company Car**: When used for official purposes or chauffeur-driven.
9. **Interest-free or Concessional Loans**: Provided for medical treatment, education, etc., up to a certain limit.
10. **Gifts, Coupons, or Vouchers**: Given to employees on festive occasions, subject to specified monetary limits.
11. **Telephone and Internet Expenses**: Reimbursement or provision of these facilities by the employer.
12. **Club Memberships**: Fees or subscription paid by the employer for club memberships used for business purposes.
13. **Insurance Premium**: Paid by the employer for insurance cover of the employee.
14. **Transportation Allowance**: Reimbursement of transport expenses incurred by the employee.
15. **Uniform Allowance**: Allowance for purchase and maintenance of uniforms.
16. **Educational Facilities**: Expenses on education provided to employees' children in institutions maintained by the employer.
17. **Holidays and Vacations**: Expenses on holidays and vacations provided by the employer.
18. **Mobile Phone Expenses**: Reimbursement or provision of mobile phone for official use.
19. **Perquisites to Directors**: Specific exemptions available for perquisites provided to directors of companies.
20. **Retirement Benefits**: Exempted gratuity, pension, provident fund, etc., subject to certain limits and conditions.
Please note that these exemptions are subject to conditions and limits as specified under the Income Tax Act, 1961, and rules issued by the Income Tax Department. It's advisable to consult with a tax advisor or chartered accountant to understand specific exemptions applicable to your situation.
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