A perquisite is an added benefit/privilege provided to the employee by the employer with the salary. Perquisites can be taxable and non-taxable.
It includes benefits like a company-provided car or accommodation or ESOPs etc.
You can enter details like the perquisite value, 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 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 calculated by the system.
Click “Save.”
Use the “Import” option to update details for Multiple Employees
Click “Import”.
Click “Download Template here”.
Update the details and save the file to the local drive.
Click “Choose File”,
Click “Import”.
The video outlining the process is attached for your reference.