Prequist tax
This query is : Resolved
12 July 2013
What us prequist tax?and how wil u compute it on 100000
12 July 2013
Perquisite tax means tax payable by the employer on the non monetary perquisites.
.
The tax amount so paid by the employer is not included with Total Income of the employee. Suppose tax on perks is 4000/- which is paid by the employer. Normally, tax payment is an obligation of the employee and it is treated as income if paid by the employer.
However, Section 10(10CC) exempts the above said amount.
.
The method adopted for computing Perquisite tax, logically, could be as under.
1. Find -Tax on Total Income inclusive of non monetary Perquisites
2. Find -Tax on Total Income Exclusive of non monetary Perquisites
3. 1-2= Tax on Perquisite.
.
.
The tax amount so paid by the employer is not included with Total Income of the employee. Suppose tax on perks is 4000/- which is paid by the employer. Normally, tax payment is an obligation of the employee and it is treated as income if paid by the employer.
However, Section 10(10CC) exempts the above said amount.
.
The method adopted for computing Perquisite tax, logically, could be as under.
1. Find -Tax on Total Income inclusive of non monetary Perquisites
2. Find -Tax on Total Income Exclusive of non monetary Perquisites
3. 1-2= Tax on Perquisite.
.
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