Ashwin Co. Ltd. contributed 15% of the salary of the employee Virat towards recognized provident fund. The amount liable to tax as perquisite in the hands of Virat would be …………… of contribution.
A. 5%
B. 3%
C. Nil
D. Any sum exceeding ₹ 1,50,000
Answer:B
Ashwin Co. Ltd. contributed 15% of the salary of the employee Virat towards recognized provident fund. The amount liable to tax as perquisite in the hands of Virat would be …………… of contribution.
A. 5% B. 3% C. Nil D. Any sum exceeding ₹ 1,50,000