As per section 28(iv) value of perquisites by way of a foreign tour given to a dealer for his work by the company who's material he has sold is added as income under the head income from buisness or profession. Will sec 28 be applicable if a proprietor in search of a machine and technical knowledge gets invited into a foreing country where all the expenses (excluding the ticket expenses) are borne by the invitor (i.e. the machine manufacturer)? will it be considered as perquisite?
Menu
Income u/s 28(iv)
Replies (2)
As per section 28 (iv) it is stated that Business income would include :
"value of any benefit or perquisites, whether convertible into money or not,arising from business or the excercise of a profession"
There is no business arising from such condition and thus is not chargeable to Tax
yes it is not taxable as a taxable perq under sec.28 . but manufacturer is allowed deduction
u/s 37 as general expenses made for customer
Recent Threads
- ITRs for AY 2025-26 filed in September 2025 not pr
- Heard & Seen Around – Your Daily Economi
- Best NISM course for an Accountant
- Calculate IT on LTCG AND STCG for the FY 2025-26
- Heard and Seen Around - Your Daily Economic Quick
- Returning to India - Residency confusion
- About CMP-08
- RCM List on GST
- Resignation of Previous Auditor
- Summary of GST Notification 18/2025 (Effective 1 N
Related Threads
CAclubindia
