Question

Ashutosh works as a manager in Kuber Ltd. Besides the salary, the company offers him benefits such

as free housing, medical aid and education to the children, etc. Identify the type of incentive being

offered to him.

(a) Perquisites (b) Job Enrichment (c) Co-partnership (d) Pay and allowances​

Answer 1

Answer:

Co partnership

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Answer 2

Answer:

(a) Perquisites

Explanation:

Kuber Ltd. Besides the salary, the company offers him benefits of free housing, medical aid and education to the children this is Perquisites type incentive.

“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.

Some of the most common examples of perquisites offered by many employers to their employees include company cars, rent-free accommodation, and stock options.

Types of Perquisites

Taxable Perquisites.

Exempted Perquisites.

Perquisites taxable only by employees.

Contractual bonus is charged to tax as salary and gratuitous bonus is charged to tax as perquisite.

A perquisite is a non-cash benefit granted by an employer to the employee. Under the Income Tax Act, a perquisite is defined as a benefit which an employee avails of or is entitled to on account of the employee's job or position in the enterprise.

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