Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > Reading and Memorising Perquisites
Reading and Memorising Perquisites Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Reading and Memorising Perquisites Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the concept of perquisites taxation? |  |
Ans. Perquisites taxation refers to the taxation of benefits or additional perks provided by employers to their employees, which are in addition to their regular salary or wages. These benefits can include housing allowances, company cars, health insurance, stock options, etc. These perks are considered as taxable income for the employees and are subject to tax.
| 2. How are perquisites taxed in relation to employee compensation? | |
Ans. Perquisites are taxed as part of the employee's compensation income. The value of the perquisites is added to the employee's salary or wages and is subject to income tax. The employer is responsible for deducting the applicable tax amount from the employee's salary and remitting it to the tax authorities.
| 3. Are all perquisites taxable? | |
Ans. Not all perquisites are taxable. There are certain exemptions and conditions under which perquisites may be excluded from taxation. For example, medical reimbursements up to a certain limit, leave travel concessions, and certain allowances provided for specific purposes may be exempt from tax. However, it is important to consult the relevant tax laws and regulations to determine the specific exemptions applicable in each case.
| 4. How are housing allowances and company-provided accommodations taxed? | |
Ans. Housing allowances and company-provided accommodations are subject to taxation. The taxable value of these perquisites is determined based on factors such as the employee's salary, the rental value of the accommodation, and any rent paid by the employee. The employer is required to calculate the taxable value and include it in the employee's income for tax purposes.
| 5. Are stock options considered as taxable perquisites? | |
Ans. Yes, stock options are considered as taxable perquisites. When an employee receives stock options as part of their compensation package, the difference between the fair market value of the stock at the time of exercise and the exercise price is treated as taxable income. This income is subject to taxation at the time of exercise or sale of the stock options, depending on the applicable tax laws and regulations.
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Nov 16, 2024 Last updated |
Video Description: Reading and Memorising Perquisites for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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