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Taxation of perquisite arising in the business

Atharv Sankliya (1354 Points)

24 May 2023

if firm is using a property for free then does it is taxable u/s 28(iv) as a perquisite/benefits ??

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sabyasachi mukherjee (27574 Points)
Replied 24 May 2023

SEC 28(4) OF THE ACT PROVIDES FOR INCOME TAX THAT SHALL BE CHARGEABLE TO INCOME TAX UNDER THE HEAD PROFITS AND GAINS FRIM BUSINESS PROFESSION .CLAUSE IV BRINGS TO CHARGEABILITY OF THIS SECTIONWHERHER CONVERTIBLE INTO MONEY OR NOTARISINGBFRM BUSINESS .IF ITBISNPROVIDED IN CASH IT IS NOT CHARGEABLE under this section.