Taxable Perquisites for Salaried Employee

Taxable Perquisites for Salaried Employee

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

  1. Expenses incurred by employee – Not a perquisite
  2. 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

  1. Expenses incurred by employee
    • Office purpose – No perquisite
    • Private purpose – 10% of AC – amount rec
    • Both- 600/900pm + 900 pm for chauffeur
  2. 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

  1. Government – License fee determined Less Amount rec
  2. 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.

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