Tax On Employees' Salary Is Exempt U/s 10(10CC): Uttarakhand High Court

---------- Forwarded message ----------
From: editor@itatonline.org <itatonline.org@gmail.com>
Date: Fri, Aug 10, 2012 at 4:10 PM
Subject: Message from EGroup of SolapurCAs Tax On Employees' Salary Is Exempt U/s 10(10CC): Uttarakhand High Court
To: editor@itatonline.org

 

Dear Subscriber,

 

The following important judgement is available for download at itatonline.org.

DIT vs. Sedco Forex International Drilling Inc (Uttarakhand High Court)

Tax on employees' salary is a "non-monetary" perquisite exempt u/s 10(10CC)

 

The assessee-employer entered into agreements with the employees pursuant to which it agreed to bear the income tax payable by the employees on their salary. The question was whether such tax payment was "income in the nature of a perquisite, not provided for by way of monetary payment, within the meaning of clause (2) of section 17" so as to be exempt in the hands of the employee. HELD by the High Court:

(Click Here To Read More)

Regards,

Editor,

itatonline.org

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