Children’s 100 mnth for 2 children education Hostel expenditure 300 to 2 Valuation of Perquisites……. Particulars Sub Salary meaning others headings Valuation of perquisites(taxability in the hands of employee) 1.Rent free Govt License fees employees Exceeding 25-15% of salary Salary include Remote by Between 10-25-10% of salary basic+da(forming part tax (away employer Less than 10%-7.5 % of salary of all) 40km from a city not exceeding benfits population Not lump sum 20000, amounts, perquisites, Leased or 15% of salary or lease rent paid Same as above hired by whichever is less owner Transfer of Up to 90 days-lower rented house room(having – two houses) 90 days, both house rent will include in salary 2.Furnished Furnished Value as per above 1. For rent free houses unfurnished + 10% of cost of furniture or hire charges if hired Hotels, Lower of 24% of salary 15 days nothing serviced Or actual amount paid by chargeable to apartments, employer tax houses Calculate as per 1 and 2 3.valuation of Less: amount charged form employee at Balance amt chargeable to tax rates Above 1000 per child chargeable For family and facility to tax (circular no.8.2012) sister ,all will be taxable
Children’s education 100 mnth for 2 children Hostel expenditure 300 to 2 Valuation of Perquisites……. Particulars Sub headings Valuation of perquisites(taxability in the hands of employee) Salary meaning others 1.Rent free Govt employees License fees by employer Exceeding 25-15% of salary Between 10-25-10% of salary Less than 10%-7.5 % of salary Salary include basic+da(forming part of all) benfits Not lump sum amounts, perquisites, Remote tax (away 40km from a city not exceeding population 20000, Leased or hired by owner 15% of salary or lease rent paid whichever is less Same as above Transfer of room(having two houses) Up to 90 days-lower rented house – 90 days, both house rent will include in salary 2.Furnished rent free Furnished houses Value as per above 1. For unfurnished + 10% of cost of furniture or hire charges if hired Hotels, serviced apartments, houses Lower of 24% of salary Or actual amount paid by employer 15 days nothing chargeable to tax 3.valuation of at rates Calculate as per 1 and 2 Less: amount charged form employee Balance amt chargeable to tax facility Above 1000 per child chargeable to tax (circular no.8.2012) For family and sister ,all will be taxable
income-from-salaries-made-simple.docx