04 September 2023
Dear Experts, Can any one guide me how much perquisite value to be added for TV given by employer to employee and how many years we need to add this perquisite for calculating TDS of employee. Thank you.
04 September 2023
Any gift received from the employer, of a sum exceeding Rs5,000, is treated as taxable compensation in your hands [as per Section 17(2)(viii) of the Income Tax Act, 1961 read with Rule 3(7)(iv) of the Income Tax Rules, 1962]. Your employer is required to withhold taxes from your salary in respect of such a gift.
04 September 2023
Dear Sethuraman sir, Thanks for your reply. Please note that this assets are capitalized in the books of employer but given to employee for their usage after usage this assets will be returned to employer.
04 September 2023
Movable asset other than Laptops, computers and Motor Car*: 10% of original cost of the asset (if asset is owned by the employer) or actual higher charges incurred by the employer (if asset is taken on rent) less amount recovered from employee.
04 September 2023
Dear Sethuraman sir, Thank you very much for sharing the perquisites percentage. could you tell me, how many years we can provide perquisites @10% for employees For example Asset value Rs.100000/- 1st year 10% on 1,00,000/- = Rs.10000, in 2nd year how much value we can provide as perquisites whether Rs.10,000/- or Rs.9,000/-
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