Laws / Income Tax Law / 2(45)
2(45) - perquisite
2(45) "perquisite" means-
(i) any payment made to an employee by an employer in the form of cash or in any other form excluding basic salary, festival bonus, incentive bonus, arrear salary, advance salary, leave encashment and over time, and
(ii) any benefit, whether convertible into money or not,...
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