Tax on perquisites..urgent pls.

This query is : Resolved

Mrs.Girija Kumar (Querist)
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20 March 2015 I am working as Assistant Manager in a nationalized Bank.Recently I received a message to file IT return for A.Y.2013-2014.

My employer has credited Rs.435070 as perks and Tax Rs.43507(26as) towards that. However, my Txable income comes to Rs.402660(ONLY SALARY).

I wish to know, whether the tax % on perks is on the basis of total taxable income or the slab has to be arrived after adding value of perquisites(Rs.435070) to gross salary which is Rs.5,44000. Kindly advise asap as IT return is to be filed before 31st march 2015. I did not file in 2012-2013.

I also do not have form 16 furnished by the employer.However, I have Form 16 of Traces.

gbalakrishnan

gbalakrishnan (Expert)
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20 March 2015 always one has to know what is an allowance? if allowance is to meet means that money is not certainly your salary...any expenditure incurred on the allowances earmarked is allowable deduction and after all allowable deduction what you get on 31st march of the years falls under taxable income category.. that way you have to arrive at taxable income pls.

gbalakrishnan

gbalakrishnan (Expert)
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20 March 2015 every law is based on robust logic if it fails then that very law is fit to be set aside that is where courts play the vital role

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