Profits in Lieu of Salary

Profits in Lieu of Salary - Income Tax Profits in lieu of salary are payments received by an employee in addition to the regular salary. The profits in lieu of salary can include both monetary and other forms of compensation.…

Perquisites under Income Tax Act

Perquisites under Income Tax Act 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…