Dear Sir/Madam,
Kindly explain about the followings:
1. Specified Employee.
2. Non-specified Employee.
Thank you.
Meaning of Specified Employee for Taxable Perquisites [Section 17(2)(iii) Rule 3].
An employee is said to be a specified employee in any of the following cases :
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If he is director of the company; or
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he has substantial interest in the affairs of the company i.e., he holds at least 20% of the voting power (equity shares) in the company; or
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his monetary income is more than ` 50,000 p.a.
Monetary Income means Income chargeable under the salary but excluding perquisite value of all non-monetary perquisites
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