India - Income Tax Act 2010 - Saarc

S. 115WC I.T. ACT, 1961 1.600amount actually paid by, or recovered from, the employee in respectof such security or shares.Explanation.—For the purposes of this clause,—(i) “fair market value” means the value determined in accordancewith the method as may be prescribed 72 by the Board;(ii) “option” means a right but not an obligation granted to anemployee to apply for the specified security or sweat equityshares at a predetermined price;](c) twenty per cent of the expenses referred to in clauses 73 [(A) to (L)] ofsub-section (2) of section 115WB;(d) fifty per cent of the expenses referred to in clauses 74 [(M) to (P)] ofsub-section (2) of section 115WB;75[(e) five per cent of the expenses referred to in clause (Q) of sub-section(2) of section 115WB.](2) Notwithstanding anything contained in sub-section (1),—(a) in the case of an employer engaged in the business of hotel, the valueof fringe benefits for the purposes referred to in clause (B) of subsection(2) of section 115WB shall be “five per cent” instead of “twentyper cent” referred to in clause (c) of sub-section (1);75[(aa) in the case of an employer engaged in the business of carriage ofpassengers or goods by aircraft, the value of fringe benefits for thepurposes referred to in clause (B) of sub-section (2) of section 115WBshall be “five per cent” instead of “twenty per cent” referred to inclause (c) of sub-section (1);(ab) in the case of an employer engaged in the business of carriage ofpassengers or goods by ship, the value of fringe benefits for thepurposes referred to in clause (B) of sub-section (2) of section 115WBshall be “five per cent” instead of “twenty per cent” referred to inclause (c) of sub-section (1);](b) in the case of an employer engaged in the business of construction,the value of fringe benefits for the purposes referred to in clause (F)of sub-section (2) of section 115WB shall be “five per cent” instead of“twenty per cent” referred to in clause (c) of sub-section (1);(c) in the case of an employer engaged in the business of manufactureor production of pharmaceuticals, the value of fringe benefits forthe purposes referred to in clauses (F) and (G) of sub-section (2) ofsection 115WB shall be “five per cent” instead of “twenty per cent”referred to in clause (c) of sub-section (1);(d) in the case of an employer engaged in the business of manufactureor production of computer software, the value of fringe benefits forthe purposes referred to in clauses (F) and (G) of sub-section (2) of72. See rules 40C, 40D and 40F.73. Substituted for “(A) to (K)” by the Finance Act, 2008, w.e.f. 1-4-2009.74. Substituted for “(L) to (P)”, ibid.75. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007.