“This will create a distortion and will off-set the benefit that has been made available to the individual by raising the tax slabs by Rs 10,000. In fact, the individual’s tax pay out may be more than what he or she would have paid if the slabs had not been revised,” said PriceWaterhouse Coopers associated director (direct tax) Kuldeep Kumar.
According to Budget 2009-10 documents, the government plans to amend Clause (2) of Section 17 of the Income Tax Act in order for perquisite to also include the value of any other fringe benefit or amenity as may be prescribed. Once the list is drawn out, it will be made applicable from April 1, 2010.
Epaper
Newsletter
Stocks
Weather
Horoscope
