Value of Perquisite Sec.10 (10CC)

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This discussion clarifies the tax implications of perquisites for a bank employee filing their ITR-1. It focuses on the exemption available under Section 10(10CC) of the Income Tax Act, specifically regarding tax paid on non-monetary perquisites such as accommodation. The employee is seeking advice on whether they can revise their return to claim exemptions for interest-free loans and other perks borne by the employer.

Praful Mohite

Praful Mohite (Querist)
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11 August 2026 I am Bank Employee; Recently I have filled my ITR-1 for AY-2026-27. In My Form 16B, there are
1. Salary Income of Rs.20,62,400/-
2. Value of Perquisites Rs. 2,84,621/- and
3. Other Income -****(Interest on SB and Fds). The Total Value of Perquisite Rs. 2,84,621/- Includes as per Form 12BA (Nature of Perquisites)-Car/Other Automative, (37,430) News Paper, (5400) Entertainment, (7656) Misc Perks (15000) (All Total Rs.65486/-).
Remaining Value of Perquisite (2,19,135/_) include
1. Interest Free or Concessional Loans- Tax Borne by Employee-(Rs.29,701/-)
2. Interest Free or Concessional Loans- Tax Borne by Employer-(Rs.150,479/-).
3.Perquisite Tax along with Grossing Borne by Bank (Rs. 68656/-)
4. Details of Tax Paid -Tax Deducted from Salary Sec 192(1)-205381/-
Tax By Employer on behalf of Employee Sec 192(1A)-68664/-
Foot Notes 1. Tax- amount on Non-Monetary Perquisites i.e. housing & furniture (Accommodation) calculated on the basis of Average rate of tax is 18043.00 which is exempted under Section 10(10CC) of IT Act 1961. The same has been incorporated in Part B (Annexure) of Form-16 under sub head "Other Exemptions" of Sr No 2(f).
I have filled my return by Adding Value of Perquisite Rs.2,84,621/- in Salary Schedule. Some of my colleague claim exemption under sec 10CC for (Interest Free or Concessional Loans). I have query whether I can filled Revised Return to claim exemption under 10CC of which amt IFCL-(1,50,479/-+Value of Perquisite Tax along with grossing borne by Bank (Rs.68656/-) or Tax Paid on Non-Monetary Perquisite paid exempt under 10CC and shown in form 16B Other Exemption Rs. 18043/-. Please advise which of these Value of Perquisite I Can Claim Exemption under Sec 10.

Aashok Kumar Sharma

Aashok Kumar Sharma

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11 August 2026 Exemption Claimable U/s 10(10CC): Rs. 18,043/- (representing the tax paid on non-monetary housing/accommodation perquisites as specified in your Form 16 Part B Annexure footnotes).

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Praful Mohite

Praful Mohite (Querist)
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13 August 2026 Thank You Very Much Sir

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