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Difference between perqusities and allowance (Income Tax)

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( Author )
08 December 2009

What is the difference between perqusities and allowance


CA Mani

( Expert )
08 December 2009

the main difference between the allowances and preks is that the allowances are received by employees in hands and they are spent, whereas in the perks money is not received, it is only advantage which is received


Hiral

( Author )
08 December 2009

what is the differece between perqusities and allowance?


Kishanlal Paliwal

( Expert )
09 December 2009

Perks are special benefits that are provided to staff who perform a particular job or belongs to a particular group. For example Company Car, Residential Quarter, Private medical Insurance etc. The perks are not form the part of Salary slip/muster roll record.

An allowance is monetary consideration given to someone, usually on regular basis in order to help them to meet out their personal expenses. It is assumed that a particular employee incures his substaintial fund and an assistance will provide a cushion. Examples are Child education allowance, City compensatory allowance, House Rent Allowance, Transport Allowance, Special Allowance etc.

Hope, I would be able to solve your query. Please confirm.

Regards


Hiral

( Author )
09 December 2009

whats the difference between perqusities and allowance


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