Taxable Perquisites for Salaried Employee
Related taxable perquisites
1. Taxable Perquisites for Salaried Employee Education Expenses – Value of perquisite up to 1,000 pm
2. Interest-free loans – difference between SBI lending rate and ACTUAL RATE
3. PREMIUM – RPF
- Employer contribution more than 12%
- Employee contribution more than 12%
- Interest on EPF more than 9.5%
- URPF – All contribution related to PF, Interest
4. Movable Assets
- For Computers 50% dep WDV
- For Car 20% WDV
- For Others 10% SLM
5. Food
- Food costs more than 50rs in-office time
- Food provided other than office hours
6. Car perquisite
a. Car owned by employee
- Expenses incurred by employee – Not a perquisite
- Expenses incurred by employer –
- business purpose – No perquisite
- private purpose – Expenses incurred less expenses recovered
- both – 2400/1800 pm less 900 for chauffeur less amount recovered
b. Car owned by employer
- Expenses incurred by employee
- Office purpose – No perquisite
- Private purpose – 10% of AC – amount rec
- Both- 600/900pm + 900 pm for chauffeur
- Expenses incurred by employer
- Office purpose – No perquisite
- Private purpose – 10% of AC – amount rec
- Both – 1800/2400pm + 900 pm for chauffeur
7. Gift – More than the value of 50,000
8. Rent-free accommodation
a. Furnished – (Value of UFRFA + value of furniture(if own 10% of AC or else hire charges – amount rec))
b. Unfurnished R F A
- Government – License fee determined Less Amount rec
- Other than government –Taxable Perquisites for Salaried Employee
- Employer own – 15%/10%/7.5% of salary Less amount rec
- Hired – Hire charges or 15% of salary less amount rec
- Hotel – Hire charges or 24% of salary less amount rec
9. Medical Expenses – Expenditure incurred for medical treatment of the employee or his/her relative more than 15,000.
