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?
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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
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