Section 192(1a&1b)

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2015 Dear expert
please tell me about section 192(1A&1B) with example if it could possible...

thanks.......

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

22 August 2015 With effect from 01.06.2002, employer has given a option to deposit the tax on non monetary perquisites on behalf of employee without deducting the same from the employee {section 192(1A) &192(1b)}

Tax on perquisite paid by employer is a obligation of the employee,if it is paid by employer then it should be treated as perquisite and taxable in hands of employee. but Income tax act gives specific exemption to employees in this regard with effect from assessment year 2003-04.. As per Income Tax Act ,1961 section 10(10CC) the tax paid by employer on non monetary perquisites given to employee is not taxable in hands of the employee.

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2015 Dear sir
if a company giving one time food in day, whether the company is liable to pay tax under section 192(1A) or not if yes then how tax the company has to pay......

plz reply...

Upgrade to CAclubindia Pro. Subscribe Now!