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Taxation of perquisite arising in the business
if firm is using a property for free then does it is taxable u/s 28(iv) as a perquisite/benefits ??
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SEC 28(4) OF THE ACT PROVIDES FOR INCOME TAX THAT SHALL BE CHARGEABLE TO INCOME TAX UNDER THE HEAD PROFITS AND GAINS FRIM BUSINESS PROFESSION .CLAUSE IV BRINGS TO CHARGEABILITY OF THIS SECTIONWHERHER CONVERTIBLE INTO MONEY OR NOTARISINGBFRM BUSINESS .IF ITBISNPROVIDED IN CASH IT IS NOT CHARGEABLE under this section.
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