TAXATION OF PERQUISITES 2.1 Two-pronged approach for taxation of perquisites and fringe benefits A two-pronged approach is adopted for the taxation of perquisites and fringe benefits: 1) Where perquisites can be directly attributed to the employees, they are taxed in the hands of the employees according to section 17(2) of the Income-tax Act. Perquisite definition is - a privilege, gain, or profit incidental to regular salary or wages; especially : one expected or promised. See more. ⇒ Perquisites include the use of company house ⇒ The perquisites attached to this job make it even more attractive than the salary indicates. For the purpose of computing the income chargeable under the head “Salaries”, the value of perquisites provided by the employer directly or indirectly to the assessee (hereinafter referred to as employee) or to any member of his household by reason of his employment shall be determined in accordance with the following sub-rules, namely:— Definition of perquisite in the dictionary. perquisite an extra profit; privilege, or allowance in addition to a main income: perquisite payment in stock options; a customary privilege, such as a gratuity or tip Not to be confused with: prerequisite – something required as a precondition: Passing the exam is a prerequisite for college admission. How to use perquisite in a sentence. Information and translations of perquisite in the most comprehensive dictionary definitions resource on the web. Did You Know? What does perquisite mean? ⇒ Use of the company's jet is a perquisite of the job. Perquisite definition, an incidental payment, benefit, privilege, or advantage over and above regular income, salary, or wages: Among the president's perquisites were free use of a company car and paid membership in a country club. Tamil words for perquisite include தடுமாற்றம், மேல் வருமானம் and இலாபம். OneIndia Hindi Dictionary offers the meaning of Perquisite in hindi with pronunciation, synonyms, antonyms, adjective and … Perquisites are taxed as per their nature and the provision of the same by the employer. ⇒ the wife of a president has all the perquisites of stardom : Synonyms 3. | Meaning, pronunciation, translations and examples Meaning of perquisite. Perquisite Meaning in Hindi: Find the definition of Perquisite in Hindi. However, with the economy growing rapidly and globalization seeping in, most employers have gone global and are adapting to international ways of taking care of employees. “Perquisite” is defined in the section 17(2) of the Income tax Act as including: (i) Value of rent-free/concessional rent accommodation provided by … [Valuation of perquisites. Perquisite definition: A perquisite is the same as a → perk . Find more Tamil words at! Perquisites “Perquisite” may be defined as any casual emolument or benefit attached to an office or position in addition to salary or wages.
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