Taxability of Perquisites - Under the Income Tax Act

Understand the concept of perquisites and their significance in the income tax context and identify the different types of perquisites recognized under the Income Tax Act.

Language : English
Chapters : 0
Category : Income Tax Certification Course
Author : CA Himanshu Kumar

The Taxability of Perquisites under the Income Tax Act course provides a comprehensive understanding of the perquisites and their tax implications as per the Indian Income Tax Act. Perquisites, also known as fringe benefits or perks, are non-monetary benefits or facilities provided by an employer to an employee in addition to their salary or wages.

This income tax certification course delves into the various types of perquisites, their meaning, and how they are treated for tax purposes. It explores the relevant sections of the Income Tax Act that govern the taxation of perquisites and the rules surrounding their valuation. Students will gain insights into the tax implications for both employers and employees, ensuring compliance with the Income Tax Act.

By the end of this course, students will have a solid grasp of the perquisites, their tax implications, and the procedures for compliance with the Income Tax Act. They will be equipped with the knowledge and skills to handle perquisite taxation issues effectively and ensure adherence to relevant tax regulations.

How to Get This Short Term Course:

Because this is an Online Accounting Course, no in-person lectures will be delivered. After purchasing the course, you may access your account options. All videos, study materials, PDF files, and PowerPoint presentations will be placed there for easy access by participants. This Course will cost you only Rs 500.

Course Duration:

The course duration is around 10 hours.

Certificate:

On completion of this Online Accounting Certification, a Certificate of Participation from Tax4wealth will be provided.

Views Limitation:

This Short Term course has no limit on the number of views. After enrolling in the course, you get unlimited access to this Online Course from anywhere at any time.

Who is Eligible to Join this Certification Course:

Anyone who wants to learn about “Taxability of Perquisites - Under the Income Tax Act” and its practical aspects can enroll in our online course.

Introduction to Perquisites
✅ Definition and significance of perquisites
✅ Distinction between perquisites and salary
✅ Purpose and relevance of perquisite taxation

Types of Perquisites
✅Housing accommodation and rent-free accommodation
✅ Motor car and chauffeur facility
✅ Club facility and membership
✅ Stock options and employee stock purchase plans
✅ Medical facilities and reimbursements
✅ Interest-free or concessional loans
✅ Education and childcare allowances
✅ Travel and vacation expenses
✅ Gifts, vouchers, and employee welfare schemes

Taxation of Perquisites
✅ Section 17 of the Income Tax Act and perquisite taxation
✅ Valuation rules for different types of perquisites
✅ Tax treatment for specific categories of perquisites

Exemptions and Deductions
✅ Perquisites exempt from tax
✅ Deductions available for certain perquisites

Reporting and Compliance
✅ Obligations for employers regarding prerequisite reporting
✅ Documentation requirements for perquisites
✅ Filing of Form 12BA and Form 16

Case Studies and Practical Examples
✅ Analyzing real-life scenarios to understand perquisite taxation
✅ Calculation and assessment of taxable perquisites

✅ Video on demand
✅ Live & Recorded Sessions
✅ 8 PPT with Details can be downloaded
✅ Compatible with Mobile, Laptop, and TV
✅ Sessions on Telegram as well
✅ Certificate after Completion

✅ Human Resources (HR) professionals
✅ Finance and accounting professionals
✅ Tax consultants and practitioners
✅ Employers and business owners
✅ Individuals responsible for employee compensation and benefits
✅ Anyone seeking a comprehensive understanding of perquisites and their taxability under the Income Tax Act.

Course Meterials

CA Himanshu

Income Tax, Accounting, Auditing, GST Expert

70 (35 ratings)

38 Courses

CA Himanshu Kumar, as a Chartered Accountant by profession, has helped establish several German, Canadian and US-based companies in India and his clientele includes leading financial services companies, media houses, and IT majors.

His Experiences:

He is an expert in International Financial Reporting Standards, US GAAP, etc. Also, he has provided support to many transnational companies expanding or running their businesses in India. Today, companies can proudly say that it has been instrumental in the crafting of several fund-raising success stories for both organizations and start-ups, which have now developed into full-fledged businesses.

Mr. Kumar Mission and Vision are:

To transform the business world by giving entrepreneurs a platform that enables them to leverage their base of supporters, which could comprise friends, family, etc., and raise collective funds/capital.
He also seeks out potential investors and aims to create a fresh pool of funds while advocating and mentoring many new flourishing companies. It is his firm belief that his company can add value to start-ups in their growth story.

His specialization: