Perquisite Value declaration

Perquisite Value declaration

There are various types of perquisite taxes applicable on your salary. Refer to the article on Understanding taxability of salary components for more details.

1. Loan with perquisite : you can apply for a loan / salary advance which attracts perquisite tax if it has been enabled in you company. Refer article on Requesting a loan for more details.

2. Car, Driver, House, Gardner perquisite : these will be available as per company policy. Refer article on Managing perquisite components of salary for more details.

3. Perquisite on employer's contribution to EPF / NPS : if employer's contribution exceeds Rs 7.5 lakhs in a financial year then a perquisite tax is applicable. It is your responsibility as an individual to pay tax on this perquisite value. You can declare this from Declaration section as explained below.

Quick Access : Payroll > Payroll Declarations > Perquisite Value tab
Accessible to: Employees

On Perquisite Value tab you will see the details of Employer's contribution to EPF and NPS as shown below. If you want the perquisite tax for these components to be included in payroll you will need to -

1. Fill up the Opening Balance as on 1st April 2020 in Opening Balance field
2. Fill up any other Employer contribution received by you
3. Update details of withdrawals
4. Update annual interest earned on EPF and NPS
5. Click on Submit. The status will change from Not Submitted to Submitted

Note :
1. There is no approval for the data submitted by you
2. You can submit this form only once in a financial year, after submission if you want to make any changes you will have to get in touch with the Payroll Manager
3. After March payroll is run the form will start showing details for the next financial year


Refer article on Taxable perquisites - EPF, NPS for more details.