What are the tax implications of perquisites received from employers?

Aryanshah12 Oct, 2023Finance

Perquisites are benefits distinct from wages and salaries that one receives due to employment. Section 17 of the Income Tax Act deals with perquisites. The Finance Act 2005 mandates that perquisites be taxed at the rate of 30% of the value of benefits. This tax is adjusted by the employer who gives these benefits to employees.