List of taxable Perquisites in case of individuals

Perquisites are the amenities provided by the employer to his employees in addition to their salary. The way salary is structured plays very significant role in total outgo of taxes in case of individuals.  Individuals should look to include perquisites in their salary structure, which tend to reduce total taxes.

Following are few perquisites which shall always be taxable in the hands of the employees:

(a) Rent free accommodation provided by the employer to the employee.

(b) Any concession in the matter of rent in respect of the accommodation provided or granted by the employer to the employee.

(c) Any sum paid by the employer in discharging the monetary obligation of the employee which otherwise would have been payable by the employee.

(d) The value of specified securities or sweat equity shares allotted or transferred by the employer to the employee free of cost or at concessional rate to the employee.

(e) The amount of any contribution to an approved superannuation fund by the employer in respect of the assessee to the extent it exceeds Rs. 1,00,000.

(f) Any sum payable by the employer whether directly or through a fund to effect an assurance on the life of the assessee or to effect a contract for an annuity.

(g) The value of other amenity as may be prescribed.

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Founder and Director at

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