Perquisite value tax
This query is : Resolved
30 April 2012
If an employee left the ofganisation on 30.03.2012. The organisation sell a car at concessional rate to that employee in financial year 2012-2013. Will it be count as perquisite to that employee.
Thanks & Regards.
Thanks & Regards.
30 April 2012
Let the Organisation is selling today a car to Mr Ex Employee for just Rs. 60000/- which is having the WDV as on 01.04.2012 of Rs. 1,00,000/-.
.
The Organisation may record the transaction
in the following manner-
The Car account is being credited by Rs 60000 and balance 40000/ has been booked as
STCL on sale of Car.
.
In the above situation Mr Ex-Employee is not required to show the perquisite. He may simply treat it as a good bargain.
.
Alternatively -The Organisation charges certain amount towards Perquisites out of
40000/-, then , Ex-employee has also to show the Perquisite under the head Salary Income.
.
The Perquisite may be computed by applying Reducing Method @ 20% for each completed years.
.
.
The Organisation may record the transaction
in the following manner-
The Car account is being credited by Rs 60000 and balance 40000/ has been booked as
STCL on sale of Car.
.
In the above situation Mr Ex-Employee is not required to show the perquisite. He may simply treat it as a good bargain.
.
Alternatively -The Organisation charges certain amount towards Perquisites out of
40000/-, then , Ex-employee has also to show the Perquisite under the head Salary Income.
.
The Perquisite may be computed by applying Reducing Method @ 20% for each completed years.
.
30 April 2012
Totally agree with CA Paras Bafna.
It depends upon the company what kind of treatment it is giving in its books.
If at the time of sell the employee is working with the organisation and company treated some of amount as perquisite then it will show the in salary certificate also.
It depends upon the company what kind of treatment it is giving in its books.
If at the time of sell the employee is working with the organisation and company treated some of amount as perquisite then it will show the in salary certificate also.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- House Property Reporting in ITR
- TDS Claim year
- Liable to deduct tds and 44ADA
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Rent lease agreement
- Refund of 20%pre-deposit paid for stay application
- TDS Challan Code
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
