Some assesse find very difficult to find out the valuation of perquisites for income tax return. So we cover here all the perquisites to help you for calculating or valuation of perquisites. All the perquisites which covered here under the new rules for A.Y. 2014-2015/ F.Y. 2013-2014 along with the amendment rules. Please check the following slide to step by step for the valuation of all perquisites.
Valuation of Residential Accommodation Perquisites
- Valuation of Residential Unfurnished Accommodation (Rent-free or at concessional rent)
- Valuation of Furnished Residential Accommodation
- Valuation of Accommodation provided in a hotel
- Valuation of Accommodation in Remote Areas
- Valuation of Dual Accommodation in case of Transfer
Valuation of Motor Car/Other Conveyance
- Valuation of Motor Car (1) When Used Wholly for Official Purposes (2) When Used Wholly for Personal Use of the Employee (3) When Used Partly for Official purpose and Partly for Personal Use of the Employee
- Valuation of Other Conveyance
Other Perquisites Valuation
- Medical Expenses Valuation
- Foreign Travel and Stay during Medial Treatment Abroad Valuation
- Household Servants Perquisite Valuation
- Gas, Electric Energy and Water Perquisite Valuation
- Education Facilities Perquisite Valuation
- Transport Facilities Valuation
- Interest Free or Concessional Loans Valuation
- Travelling, Stay, etc. on a holiday Valuation
- Free Meals Perquisite Valuation
- Gift of Gift Vocher/Coupon
- Credit Card Facilities Perquisite Valuation
- Free Recreation/Club Facilities Valuation
- Use of Employer’s Movable Assests Perquisite Valuation
- Sale of Movable Asset at Concessional Rate
- ESOP/Sweat Equity Shares
- Any Other Benefit or Amenity Valuation
Perquisite is characterized as any easy remittance or profit joined to an office or position notwithstanding pay or wages. It is that time of year when an extraordinary needs to see the degree to which he or she has earned and what measure of liability is owed. To portray pay charge, it may be said the obligation charged on the once a year fiscal remuneration of individuals, organizations or other legal components. By virtue of solitary compensation force, the obligation is charged on the total pay of the independent (with a couple of rebates which are affirmed by law), while corporate pay evaluation is on the once a year net benefit.
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Pay obligation time or closing dates is a possessed time for any business. The operator ought to check the all bills and all records concerned are set up and are benefited to the applicable expert. These backings in knowing the kind of expenditures and trusts they made all around the year or over the compass. Likewise this helps in obligation saving in the subsequent cash year with the right appraisal progressions. What an independent or an association must be aware of is that the cost of their benefit they pay has a phenomenal impact, in this way no oversight should happen while they’re at it.
When in doubt, the assessable Valuation of Perquisites in the hands of the representatives is its cost to the executive. Nonetheless, particular tenets for valuation of specific perquisites according to the above said notice are quickly given beneath:
- Private Settlement
- Investment Free or Concessional Advance Office.
- Administrations of sweeper, cultivator, gatekeeper or particular specialist
- Supply of gas, electric vitality or water
- Exchange of Portable Holdings
- Utilization of Engine Auto / Any possible vehicle
- Different Perquisites
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