cost of furniture or actual rent of furniture minus amount paid by employee. Value of perquisites as calculated in case of unfurnished accommodation shall be increased by 10% p.a.
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License fees determined by the central or state government minus rent paid by employee and lease charge of furniture or 10% depreciation of furniture as the case may be. License fees determined by the Central or state government minus Rent paid by employee (if any) Perquisite value in case of Furnished Accommodation Perquisite value in case of Unfurnished Accommodation
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Rent free accommodation given by employer to employee shall be treated as perquisites in hands of employee and income tax would be levied in the manner specified below:-Ĭalculation of perquisite value, is given hereunder: Accommodation provided by:. 2,00,000Ĭost of stay aboard of the employee or any member of the family for medical treatment and cost of stay of one attendant who accompanies the patient in connection with such treatmentĮxpenditure shall be excluded from the perquisites only to the extent permitted by RBI. Medical treatment of employee or any member of family of such employee outside IndiaĮxpenditure shall be excluded from perquisites only to the extent permitted by RBI.Ĭost of travel of the employee or any member of his family or any one attendant who accompanies the patient in connection with treatment outside IndiaĮxpenditure shall be excluded from perquisites only in the case of an employee whose gross total income as computed before including therein the expenditure on travelling does not exceed Rs. Note: Fixed medical allowance given by employer to employee is fully chargeable to tax.Įxpenditure incurred by the employer on medical treatment of employee is taxable subject to the conditions given below:- Perquisites not chargeable to tax 15000 per assessment year (This exemption is not applicable from A.Y 2019-20) Medical insurance premium paid or reimbursed by employer Not chargeable to tax with no monetary cellingįor treatment of prescribed diseases given in Rule 3A(2) The extension of due dates for filing forms AOC-4 (Financial Statement) and MGT-7 (Annual Return) under the Companies Act, 2013 has been done along with the relaxation in the additional fees.Treatment of medical facility provided by the employer to employee is as follows:
In the notification issued by the ministry of corporate affairs, it was concerned for all the regional Directors, Registrar of Companies, and Stakeholders.
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Recommended: Gen Comp Law Software for Complete MCA/ROC Filing with XBRL The extension of due dates has been done as per the demand of the stakeholders for the filing of financial statements for the financial year ended. The extended due date is 15th March 2022 for the filing of e-forms such as AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL and 31st March 2022 for MGT-7 and MGT-7A e-forms.
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“Direct Taxes Professional Association has requested the Ministry of Corporate Affairs for additional fee relaxation during filing MCA e-forms AOC 4, AOC 4 (CFS), AOC 4- XBRL, AOC 4 Non-XBRL, and MGT 7/MGT 7A till 30th June 2022.” Now the relevant entities may act and file accordingly with easier compliance.
The ICSI has also requested the ministry of corporate affairs to bring down the applicability of additional fees and this decision has been welcomed by both the associations and companies in the matter. The ministry of corporate affairs has recently brought the much-needed relief by extending the dates for the 5 important e-forms with the removal of additional fees on the e-forms including AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL, and MGT -7 / MGT -7A, filing related with the FY 31st March 2021 under the concerned companies act 2013.
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