A perquisite is an added benefit/privilege provided by an employer along with the salary. Perquisites can be both taxable and non-taxable.
It includes benefits like a company-provided car or accommodation or ESOPs etc.
You can enter the perquisite details like the Value of the Perquisite, recovery from the Employee if any, and the Perquisite Chargeable to Tax.
To update Perquisites:
On the Home Page click “Compliance”.
Click “Income Tax”.
Click “Perquisites” under “Process, workflows”.
To view the perquisite details of a “Specific Employee”.
Enter the Employee code in “Code/Name”.
Enter the “VALUE OF PERQUISITE”.
Enter the “RECOVERED FROM THE EMPLOYEE”.
Value of Perquisite - is the cost that the organization has incurred or calculated as per Income Tax Rules.
Recovered from Employee - When the employer recovers any amount from the employee, that amount will be reduced from the perquisite value.
Perquisite Chargeable to Tax – This is the difference between the value of Perquisite and Recovered from Employee which is calculated by the system.
Use the “Import” option to update details for Multiple Employees
Click “Download Template here”.
Update the details and save the file to the local drive.
Click “Choose File”,