[aurangabad_ca] The new Perquisites rule - Main changes - Summary
The new Perquisites rule - Main changes - Summary
by CA Parsun Garg
The new Perquisites rules have been notified and the main changes are under perks for Car/ Driver and for ESOP Schemes. The same have been summarized herein for quick reference. For specific conditions, explanations, etc. and other minor changes,
1. Perks for Car/ Driver
| Usage Purpose | Perk Value |
| I. If Motor Car is Owned by employer & running and maintenance expenses are incurred | |
| Official purposes only | No perquisite, if specified conditions satisfied. |
| Private purposes only | Actual expense incurred by employer |
| Partly Official & partly Private purposes. | Upto 1600CC : Rs 1,800 p.m |
| II. If Motor Car is Owned by employee & running and maintenance expenses are incurred or reimbursed by Employer | |
| Official purposes only | No perquisite, if specified conditions satisfied. |
| Private purposes only | Actual expense incurred by employer as |
| Partly Official & partly Private purposes | Actual expense incurred by employer |
| III. If Motor Car is Owned by employer & running and maintenance expenses are incurred by Employee | |
| Official purposes only | No perquisite, if specified conditions satisfied. |
| Private purposes only | 10% p.a of Actual Cost of Car or Hire charges of Car |
| Partly Official & partly Private purposes. | Upto 1600CC : Rs 600 p.m |
| IV. If Any other Automotive Conveyance is Owned by employee & running and maintenance expenses are incurred or reimbursed by Employer | |
| Official purposes | only No perquisite, if specified conditions satisfied. |
| Partly Official & partly Private purposes. | Actual expenditure incurred by employer |
2. Perks for ESOP Schemes (at the time of exercising the option)
a) For Listed equities
Perk Value of listed sweat equity Shares allotted or transferred free of cost or at concessional rate shall be average of opening and closing price of shares listed on stock exchange on date of exercise of option less any amount recovered from the employee.
b) For unlisted equities
Perk Value of unlisted sweat equity shares and other Security allotted or transferred free of cost or at concessional rates shall be the fair market value as determined by the category-I Merchant Banker on the date of exercise of Option or any earlier date, not being earlier than 180 days than the date of exercising, less amount recovered from the employee.
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Regards,
Parthiv Mehta
Go Green
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