accounting for rent free accommodation (rfa)
This query is : Resolved
25 December 2016
hello guys
need guidance for rfa
if x was employee in abc Ltd. ..
abc Ltd provides a rent free accommodation facility .....
his salary is 75000 pm
and such house is taken on lease by abcltd...
how we can do account for that.....
WETHER LEASE RENTAL IS CHARGED TO EMPLOYEE ? OR LEASE RENTAL IS CHARGED AS EXPENSES FOR ABC LTD ...
26 December 2016
The terms of employment between ABC Ltd and X is to provide rent free accommodation to X, then the rent is the expense of ABC Ltd. The perqisite for rent free accommodaton, if any, as per section 17, shall be taxed in the hands of X
27 December 2016
Wether such rfa is to include in gross salary in pay sheet ?
28 December 2016
yes. There is a separate column for "perquisites". You include the same in perquisite. It forms the part of Gross salary
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