India - Income Tax Act 2010 - Saarc

1.149 CH. IV - COMPUTATION OF TOTAL INCOME FROM SALARIES S. 17(2)(iii) the value of any benefit or amenity granted or provided free ofcost or at concessional rate in any of the following cases—(a) by a company to an employee who is a director thereof;(b) by a company to an employee being a person who has asubstantial interest in the company;(c) by any employer (including a company) to an employee towhom the provisions of paragraphs (a) and (b) of this subclausedo not apply and whose income 96 [under the head“Salaries” (whether due from, or paid or allowed by, one ormore employers), exclusive of the value of all benefits oramenities not provided for by way of monetary payment,exceeds 97 [fifty] thousand rupees:]98[***]99[Explanation.—For the removal of doubts, it is hereby declaredthat the use of any vehicle provided by a company or an employerfor journey by the assessee from his residence to his office orother place of work, or from such office or place to his residence,shall not be regarded as a benefit or amenity granted or providedto him free of cost or at concessional rate for the purposes of thissub-clause;](iiia) 1 [***](iv) any sum paid by the employer in respect of any obligation which,but for such payment, would have been payable by the assessee;(v) any sum payable by the employer, whether directly or through afund, other than a recognised provident fund or an approvedsuperannuation fund 2 [or a Deposit-linked Insurance Fundestablished under section 3G of the Coal Mines Provident Fundand Miscellaneous Provisions Act, 1948 (46 of 1948), or, as thecase may be, section 6C of the Employees’ Provident Funds andMiscellaneous Provisions Act, 1952 (19 of 1952)], to effect an96. Substituted for ‘under the head “Salaries”, exclusive of the value of all benefits oramenities not provided for by way of monetary payment, exceeds eighteen thousandrupees;’ by the Finance Act, 1985, w.e.f. 1-4-1986.97. Substituted for “twenty-four” by the Finance Act, 2001, w.e.f. 1-4-2002.98. Omitted by the Finance Act, 2007, w.e.f. 1-4-2008. Prior to its omission, proviso, as insertedby the Finance Act, 2000, w.e.f. 1-4-2001, and later on amended by the Finance Act, 2001,w.e.f. 1-4-2001, read as under :“Provided that nothing contained in this sub-clause shall apply to the value of any benefitprovided by a company free of cost or at a concessional rate to its employees by way ofallotment of shares, debentures or warrants directly or indirectly under any Employees’Stock Option Plan or Scheme of the company offered to such employees in accordancewith the guidelines issued in this behalf by the Central Government*.”*See Notification No. SO 1021(E), dated 11-10-2001 for Guidelines regarding Employees’Stock Option Plan or Scheme.99. Inserted by the Finance Act, 1989, w.e.f. 1-4-1990.1. Omitted by the Finance Act, 2000, w.e.f. 1-4-2001. Earlier, sub-clause (iiia) was inserted bythe Finance Act, 1999, w.e.f. 1-4-2000.2. Inserted by the Labour Provident Fund Laws (Amendment) Act, 1976, w.e.f. 1-8-1976.