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.
.
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
Unanswered Queries
- ITR -1 Filing
- TWO FIRM NAME IN ONE GST NUMBER
- Treatment of Profit on sale of fixed assets
- SALES MADE THROUGH E COMMERCE OPERATOR 9(5)
- Transfer of Rectification Rights to the Jurisdictional Assessing Officer
- Procedure and Documents Required for Release of FD from DVAT
- TDS whether applicable or not in case of Flat purchase
- IGST Refund pending since June 2022.
- Form 16 Issues
- SEA GOING ALLOWANCE
- CHANGE IN PARTICULARS OF DIRECTOR
- Non- payment of GST on supply of services- reg
- Accumulated surplus exceeding 15%
- Different GST Number MEESHO
- Fees amount transfer procedure for two doctors
- Notice u/s 148 of IT Act
- REGARDING PERALLEL PROCEEDINGS CAN MOVE TOGETHER FOR SAME MATTER
- SUPPLY TO SEZ UNIT UNDER EPCG LICENCE
- REGARDING TAXABILITY OF ULIPs
- Head office to Branch
Trending Online Classes
CAclubindia
