
Taxation of fringe benefits
• Fringe benefits means any amount of income which is paid or payable to any person whether in cash or otherwise in respect of services rendered. These are perks that employers give to their employees over and above any financial compensation. • These are advantages or benefits which are given to employees as incentives to retain their services. • Advantage or benefit includes board, occupation of quarters or residence, or the use of furniture or motor vehicle. It also includes the use of or enjoyment of any other property whatsoever, tangible or intangible, including a loan, an allowance, passage benefit and any other advantage or benefit whatsoever in lieu of or in the nature of remuneration as stated above. • Employee includes a director or a person otherwise gainfully employed.Valuation…