INTERVIEW QUESTIONS TAX PERQUISITE TAX DETAILS

Question: What are all the Perquisites which are taxable in all cases?

Answer: Perquisites is a gain or profit incidentally made from employment in addition to regular salary or wages. Following are few perquisites which shall be taxable:-

Rent Free Accommodation

Concessional Rent House

Obligation of employee met by Employer. Amount paid by Employer regarding:-

Supply of Gas, Electricity & Water

Free or Concessional Education Facilities of Children

Income Tax of employee

Professional Tax on employee

Salary of servant employed by employee

Motor Car or any other Conveyance for personal use of Employee

Reimbursement of Medical Expenditure

Any other Fringe benefits given by employer to employee :

Free meals if provided by during working hours and value exceeds Rs.50 per day. Excess is taxable.

Gifts exceeding Rs.5,000

Club facilities actual expenditure is taxable.

Credit Card and add on card-actual fee is taxable

Interest free loans or loan at concessional rate of interest if more than Rs.20,000 and if not for medical treatment-difference between prescribed rate and rate charged is taxable.

Use of movable assets except computers and laptops.

Transfer of movable assets.

Expense on tours and travels.

Perquisites is a gain or profit incidentally made from employment in addition to regular salary or wages. Following are few perquisites which shall be taxable:-

Rent Free Accommodation

Concessional Rent House

Obligation of employee met by Employer. Amount paid by Employer regarding:-

Supply of Gas, Electricity & Water

Free or Concessional Education Facilities of Children

Income Tax of employee

Professional Tax on employee

Salary of servant employed by employee

Motor Car or any other Conveyance for personal use of Employee

Reimbursement of Medical Expenditure

Any other Fringe benefits given by employer to employee :

Free meals if provided by during working hours and value exceeds Rs.50 per day. Excess is taxable.

Gifts exceeding Rs.5,000

Club facilities actual expenditure is taxable.

Credit Card and add on card-actual fee is taxable

Interest free loans or loan at concessional rate of interest if more than Rs.20,000 and if not for medical treatment-difference between prescribed rate and rate charged is taxable.

Use of movable assets except computers and laptops.

Transfer of movable assets.

Expense on tours and travels. Source: CoolInterview.com

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