Income Tax on Perquisites

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Anil Verma (Querist)
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21 February 2020 I am a Bank employee. Recently our Bank has allotted me 4000 shares on discounted price and now that discounted value Rs.61220 has been added by the bank as perquisites ESPS to my annual income for tax purposes and an amount of Rs.9348 paid by bank towards TDS. Please some one advice me whether the amount of discounted value will be added to my income for tax purposes and what will be status of TDS paid by the bank.

Indira

Indira (Expert)
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21 February 2020 Once the shares are allotted they are taxable as perquisite in that financial year and taxed. The taxable amount is the difference between the fair market value of the share and the exercise price.

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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25 May 2020 Perquisites are taxable and have to be reported in ITR. You can claim refund of TDS by filling ITR after showing eligible deductions and investments as applicable.

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