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Staying at home during the current COVID19 pandemic comes with its perks—working from home and not having to travel to the office. But there are many perks which are part of your salary that continue to remain with you. These are referred to as perquisites under the Income Tax Act and include salary reimbursements, stock options, rental accommodation, etc.
The value of perquisite in almost all situations will be calculated by your employer and tax will be deducted at source in most cases. In case the employer has not deducted the tax, then the payment of tax will be your responsibility.
In this week's big story podcast we delve deeper into the key points employees should note about their salary perks, and how these are taxed.
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