While hearing the case of Mr. Anil Kumar Sharma, Delhi bench of Income Tax Appellate Tribunal (ITAT) recently ruled that interest-free loan from firm to a director of a Company which provided a loan to

A two-Member bench of the Income Tax Appellate Tribunal (ITAT), Bangalore has held that the amount collected towards corpus fund cannot be treated as perquisites under section 28 of the Income Tax Act, 1961. The

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) recently held that the interest-free or concessional loan from employer are taxable as perquisite in the hands of the employee under the Income Tax Act.

The Finance Bill, 2022 proposed on Tuesday has inserted a new provision imposing deduction of 10% TDS on the amount of perquisites provided to an employee exceeding Rs. 25,000 from 1st July 2022. As per

In Addl. Commissioner of Income Tax vs. Bharat V. Patel, the Supreme Court held that the amount received from redemption of Stock Appreciation Rights (SARs) can be treated only as capital gains and cannot be

The Central Board of Direct Taxes (CBDT) has clarified that one-time settlement of bank loans would not attract tax under section 194R of the Income Tax Act, 1961. The new section mandates a person, who

The Gujarat High Court in Gujarat Co-operative Milk Marketing Federation Ltd vs. Income Tax Officer, held that the subsidy provided by the employer to the school towards the deficit of education expenses of children of

Perquisites, also known as perks or fringe benefits, are additional benefits or advantages that an employee receives from their employer in addition to their salary or wages. Examples of perquisites include company cars, housing, stock

The Ludhiana bench of the ITAT has held that the one-time settlement of debt by the bank cannot be treated as perquisite from the business under section 28(iv) of the Income Tax Act, 1961 if

In view of the recent amendments to impose TDS on the perquisites of businessmen and professionals and the virtual digital assets (VDAs), the Central Board of Direct Taxes (CBDT) has notified the revised/new returns. These

While presenting the Union Budget 2023, the Finance Minister Nirmala Sitharaman has clarified that the Finance Act, 2023 shall include an explanation clarifying that the cash perquisites shall be subject to tax under section 28

The Madras High Court while quashing proceedings under Prevention of Money Laundering Act held that the property purchased from salaries and perquisites paid during employment would not be proceeds of crime. The Enforcement Directorate has

The Central Board of Direct Taxes (CBDT), in a circular issued on 7th December, has clarified that  the value of any medical treatment provided to an employee or any member of his family in any

In Gaurav Seksaria v. ITO, the Kolkata bench of the ITAT observed that reimbursement of credit card payments incurred by the Director on behalf of the Company to meet the business expenditure during his foreign

The Central Board of Direct Taxes (CBDT) has notified that the ex-gratia payment to the employees by the employer for the treatment of covid-19 shall not be treated as “perquisite” under the Income Tax Act,