India - Income Tax Act 2010 - Saarc

1.599 CH. XII-H - INCOME-TAX ON FRINGE BENEFITS S. 115WC(J) use of telephone (including mobile phone) other than expenditureon leased telephone lines;(K) 68 [***](L) festival celebrations;(M) use of health club and similar facilities;(N) use of any other club facilities;(O) gifts; and*(P) scholarships;69[(Q) tour and travel (including foreign travel).](3) For the purposes of sub-section (1), the privilege, service, facility or amenitydoes not include perquisites in respect of which tax is paid or payable by theemployee 69 [or any benefit or amenity in the nature of free or subsidised transportor any such allowance provided by the employer to his employees for journeysby the employees from their residence to the place of work or such placeof work to the place of residence].Value of fringe benefits.115WC. (1) For the purposes of this Chapter, the value of fringe benefits shallbe the aggregate of the following, namely:—(a) cost at which the benefits referred to in clause (b) of sub-section (1)of section 115WB, is provided by the employer to the general publicas reduced by the amount, if any, paid by, or recovered from, hisemployee or employees:Provided that in a case where the expenses of the nature referred toin clause (b) of sub-section (1) of section 115WB are included in anyother clause of sub-section (2) of the said section, the total expensesincluded under such other clause shall be reduced by the amount ofexpenditure referred to in the said clause (b) for computing the valueof fringe benefits;70[(b) the amount of contribution, referred to in clause (c) of sub-section (1)of section 115WB, which exceeds one lakh rupees in respect of eachemployee;]71[(ba) the fair market value of the specified security or sweat equity sharesreferred to in clause (d) of sub-section (1) of section 115WB, on thedate on which the option vests with the employee as reduced by the68. Omitted by the Finance Act, 2008, w.e.f. 1-4-2009. Prior to its omission, clause (K) read asunder :“(K) maintenance of any accommodation in the nature of guest house other thanaccommodation used for training purposes;”69. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007.70. Substituted, ibid. Prior to its substitution, clause (b) read as under :“(b) actual amount of the contribution referred to in clause (c) of sub-section (1) ofsection 115WB;”71. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008.*With effect from 1-4-2007 the word ‘and’ should appear after end of clause (P).