Perquisites are the benefits provided in kind by the employer to his employees in addition to their salary free of cost or at a concessional rate. Taxable value of perquisite in the hands of the employee is the cost to the employer in providing the benefit or amenity.

Few perquisites which are always taxable in all cases:

1. The value of perquisite of rent free accommodation or accommodation at a concessional rate as per the rules prescribed for valuation.
2. Any sum paid by the employer in respect of any obligation which, but for such payment, would have been payable by the assessee (except amount paid or reimbursed in connection with medical expenses or health insurance.
3. 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 except such amount paid through –
   1. 1.            Recognised P.F. or an approved superannuation fund, or
   2. 2.            Prescribed deposit linked insurance fund.
4. Interest free / concessional loan.
5. Providing use of movable asset.
6. Transfer of movable asset.
7. Any other amenity, service, right or privilege (not being telephone/mobile facility).

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