perquisites

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rahul nagori (Querist)

29 April 2010 In case if employer is providing education to employees children in his own institute costing rs.1500 per month , then what will be taxable amount in the hands of employee as perquisite.. plz reply as soon as possible ..

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)

29 April 2010 TAXABLE AMT = COST OF SUCH EDUCATION IN A SIMILAR INSTITUTION IN OR NEAR LOCALITY - 1000 PM PER CHILD - AMT PAID OR RECOVERED

HENCE 500/- PM IS TAXABLE

ca dipti sharma

ca dipti sharma (Expert)

29 April 2010 Agree with Mr Ashok kumar

Only 500/- P.m will be taxable in the hand of employee as perquisite.

rahul nagori

rahul nagori (Querist)

30 April 2010 i have heard, IN GD GOENKA PUBLIC HIGH SCHOOL ,2009 COURT RULING ...that if amount goes more than rs.1000 it will be fully taxable ... is it true..plz reply with acase law refrence , if possible.

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)

30 April 2010 NO CASE LAW REQUIRED, IN VALUATION RULE ITS CLEARLY MENTION THE FORMULA OF TAXABLE AMT IS

TAXABLE AMT = COST OF SUCH EDUCATION IN A SIMILAR INSTITUTION IN OR NEAR LOCALITY - 1000 PM PER CHILD - AMT PAID OR RECOVERED,.

HENCE 500/- PM IS TAXABLE

rahul nagori

rahul nagori (Querist)

30 April 2010 sir , i do agree with your formula concept , but if a court gives a verdict should we ignore it ? am confused

CA Ashok Kumar Sahu

CA Ashok Kumar Sahu (Expert)

01 May 2010 IF YOU HAVE ANY CASE LAW AGAINST THEM THEN YOU CAN FOLLOW THE SAME CASE LAW

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

02 May 2010 My view the case laws are based on the specfic facts on the particular case, in your case all the facts of case law is applicable you can follow

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