Exempted Perquisites in Income Tax Law Explained
Explore the various exempted perquisites under the Income Tax Law, including medical benefits, travel expenses, scholarships, and more. Understand the criteria for exemption and how they apply to employees. Find out about exemptions for laptops, interest-free loans, and other benefits provided by employers. Stay informed about the tax implications and benefits associated with different perquisites.
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Presentation Transcript
ACM 302 INCOME TAX LAW BACHELOR OF COMMERCE PROF. PRAMOD KUMAR DAYALBAGH EDUCATIONAL INSTITUTE, DEEMED TO BE UNIVERSITY, DAYALBAGH, AGRA (WEBSITE: www.dei.ac.in) (NAAC A+)
Exempted Perquisites- Medical Benefits Treatment within India- (i) (a) hospital maintained/owned by employer. (b) Government hospital (c) Prescribed diseases or ailments in any hospital approved by Chief Commissioner (d) Health insurance premium (e) Reimbursement of health insurance premium (ii) Medical treatment outside India- (a) Permitted expenses by RBI
Exempted Perquisites (b) Travelling expenses, stay expenses of patient and one attendant up to RBI limit. Travelling expenses in case GTI does not exceed Rs. 2,00,000. (Reimbursement of (ii) expenses, same provisions. Members of the family Spouse and children of the employee, parents, brothers and sisters of the employee or any of them wholly or mainly dependent on the employee. Refreshment provided in office Residential accommodation provided at site Expenses of telephones including mobile phone and internet. Employer s contribution to Staff Group insurance scheme.
Exempted Perquisites Scholarships to employees or their children Facility of conveyance from residence to office and vice versa (Common) Fee of Refresher courses Tax paid by the employer on perquisites Perquisites to Government employees posted outside India. Rent free house and conveyance facility to high court and supreme court judges. Rent free furnished house to a Minister, specified officers of parliament, or leader of opposition in parliament. Family planning expenses are spent by the employer among its employees
Exempted Perquisites Laptops or computer for personal use of employee or member of family Interest free or concessional loan aggregate amount does not exceed Rs. 20,000 in PY. Transfer of movable assets(other than-computers, electronic items and car) after using10 years or more. Journals, periodicals , newspapers required for discharge of work. Leave Travel Concession-Indian as well as foreigners. Block of four calendar years (2022-2025)---one or two as the case may be. Family means---same in case of medical benefits. Number of children two (born after 1.10.1998) No restriction on children born before 1.10.1998 or multiple births after one child. (Eligible amount or actual amount spent----less) will be exempted.
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