Regarding deductions
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2011
I want to have knowledge about exgratia and perquistes
15 February 2011
An ex-gratia payment in this context is a payment made to an individual in respect of loss or damage to personal property in a situation where the County Council accepts no liability for the loss or damage but is willing to make some reimbursement without accepting liability. Most commonly such payments are made to employees in respect of personal property (including clothing or personal items such as spectacles) damaged or lost accidentally. Ex gratia payments are not made in situations where the loss is fully insured, either by the individual or the County Council
for more info:
http://www.citehr.com/20115-what-exgratia.html
perquisite as per Section 17(2) of the Income-tax Act.
Section 17(2) of the Income-tax Act, 1961 gives an inclusive definition of perquisite. As per this Section perquisite includes.
The value of rent-free accommodation provided to the assessee by his employer.
The value of any concession in the matter of rent respecting any accommodation provided to the assessee by his employer.
The value of any benefit or amenity granted or provided free of cost or at concessional rate in any of the following cases.
By a company to an employee, who is a director thereof.
By a company to an employee being a person who has a substantial interest in the company.
By any employer to an employee whose income under the head 'Salaries' exceeds Rs.24000 excluding the value of non monetary benefits or amenities.
Any sum paid by the employer in respect of any obligation which, but for such payment, would have been payable by the assessee.
Any sum payable by the employer whether directly or through a fund, other than a recognised provident fund or EPF, to effect an assurance on the life of the assessee or to effect a contract for an annuity.
Note that benefits under sections 10(13A), 10(5), 10(14), 17 etc., continue to be exempt. It is only rule 3 has been amended.
for more info:-
http://www.tax4india.com/salary-and-perquisites/perquisites-in-india.html
for more info:
http://www.citehr.com/20115-what-exgratia.html
perquisite as per Section 17(2) of the Income-tax Act.
Section 17(2) of the Income-tax Act, 1961 gives an inclusive definition of perquisite. As per this Section perquisite includes.
The value of rent-free accommodation provided to the assessee by his employer.
The value of any concession in the matter of rent respecting any accommodation provided to the assessee by his employer.
The value of any benefit or amenity granted or provided free of cost or at concessional rate in any of the following cases.
By a company to an employee, who is a director thereof.
By a company to an employee being a person who has a substantial interest in the company.
By any employer to an employee whose income under the head 'Salaries' exceeds Rs.24000 excluding the value of non monetary benefits or amenities.
Any sum paid by the employer in respect of any obligation which, but for such payment, would have been payable by the assessee.
Any sum payable by the employer whether directly or through a fund, other than a recognised provident fund or EPF, to effect an assurance on the life of the assessee or to effect a contract for an annuity.
Note that benefits under sections 10(13A), 10(5), 10(14), 17 etc., continue to be exempt. It is only rule 3 has been amended.
for more info:-
http://www.tax4india.com/salary-and-perquisites/perquisites-in-india.html
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