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Nisha Sharma posted an Question
May 19, 2021 • 22:28 pm
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30 points
30 points
- UGC NET
- Commerce
Please explain me all the types of health benefits under fringe benefits provided to employees by employers
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Sanju![best-answer]()
According to Income Tax Act, section 17(2)Viii defines what to include in fringe benefits. Value of benefits included in the employee's income are: -interest free/concessional loans -holiday -free food -gift -credit card expenses -club expenses -movable assest usage - movable asset transfer -any other benefit except above. So, talking about health benefits cover under fringe benefits are coming in regards to interest free or concessional loan. *Interest Free/ Concessional Loans* Under this benefit, value is determined to add in the income of an employee. If loan amount is less than Rs. 20,000 - Nil (exempted). If loan is taken for medical treatment of a disease (given in rule 3A) of the employee or his family member- Nil. *If loan taken for medical treatment of a disease and for the same any medical insurance scheme also provides some money for the treatment then the remaining amount (left uncovered from insurance scheme) will be considered for valuation.