Table of Contents
What would be examples of perquisites?
Perquisites can be simple as company car, fuel reimbursement etc. or may also include interest-free loan, medical facilities, credit cards, accommodation sponsored by the company, etc.
How do you use perquisite in a sentence?
Perquisites sentence example The special interior ministry troops, who are not part of the army, are better paid and enjoy perquisites such as looting. It keeps up a good spirit, and is one of my own little perquisites.
How perquisites are taxed?
Ideally, perquisites are taxed at the rate of 30% of the entire value of the availed fringe benefits. Notably, the perquisite tax is paid by the employers who provide these above-mentioned benefits to their employees.
What is the difference between allowance and perquisites?
Allowance refers to the extra amount which an employer pays to the employee to cope with particular expenses for carrying out official duties. On the other hand, Perquisites refers to additional benefit, over and above the amount, which is legally due, because of employment agreement for the services rendered.
How many types of perquisites are there?
There are two types of taxability of perquisites: Tax on perquisites – Perquisites added to the Head of Salaries while filing Income tax return are taxed by the government u/s 17(2) of the Income Tax Act. Tax-free perquisites – Some types of perquisites are tax-free in the hands of the employee.
Who pays tax on perquisites?
the employer
The perquisites are taxable under the head salary in the Income Tax Act. As per Section 17(2)(iv), perquisite includes ‘any sum paid by the employer in respect of any obligation which, but for such payment, would have been payable by the assessee’.
Is perquisite or prerequisite spelled?
Perquisite. A “prerequisite” is “a thing that is required as a prior condition.” For example, “Working in a contract role for three months was a prerequisite for later gaining full-time employment.” A “perquisite” is a perk, similar to something you’d receive in addition to your salary.
Is Perk short for something?
Perq is an abbreviation of perquisite, which means a benefit, tip or bonus of employment. Though occasionally found in print and in newspaper stories, perq is not found in most dictionaries. The accepted spelling for the abbreviation of perquisite is perk, usually rendered as the plural, perks.
Are perquisites taxable?
The Finance Act, 2005 states – Perquisites will be taxed by the government when such benefits have been provided or are considered to have been provided to employees by employers. Ideally, perquisites are taxed at the rate of 30% of the entire value of the availed fringe benefits.
Is perquisite plural or singular?
perquisite Definitions and Synonyms
| singular | perquisite |
|---|---|
| plural | perquisites |
Is perquisites part of salary?
Particular Page No. “Perquisite” may be defined as any casual emolument or benefit attached to an office or position in addition to salary or wages. “Perquisite” is defined in the section 17(2) of the Income tax Act as including: (i) Value of rent-free/accommodation provided by the employer.
Are perquisites non taxable?
Perquisites are exempted from tax in case interest-free loans or concessional loans were made available for the treatment of diseases mentioned in Rule 3A. Alternatively, the same is not taxed in case it was a petty loan that does not exceed Rs. 200000.
What is the word for required as a prior condition?
prerequisite. / (priːˈrɛkwɪzɪt) / adjective. required as a prior condition. noun.
What are perks at work?
Companies offer perks — short for perquisites — to reinforce their workplace culture, but also to attract and retain workers. Perks are defined as goods, services or opportunities that aren’t part of salary or wages but have value.
What are tax free perquisites?
Any cost incurred by the employer for providing training to the employees or by way of payment of fees or refresher courses attended by the employees can be treated as tax-free perquisite.
What does prerequisite and corequisite mean?
A prerequisite is a course that the student is required to complete with a grade of “C’ or better before the student can enroll in the next more advanced course. A corequisite is a course which the student must take at the same time s/he is taking another course.
What does perquisites mean in business?
an incidental payment, benefit, privilege, or advantage over and above regular income, salary, or wages: Among the president’s perquisites were free use of a company car and paid membership in a country club. a gratuity or tip.
What is the difference between Perquisite and exclusive right?
perquisite – a right reserved exclusively by a particular person or group (especially a hereditary or official right); “suffrage was the prerogative of white adult males”. exclusive right, prerogative, privilege.
What is an example of a perquisite of being a CEO?
Getting to use the corporate jet is an example of a perquisite of being a CEO. If the boss gets a new laptop every year and customarily hands his old one down to his employee, this is an example of a perquisite.