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when we have to use form 12ba in income tax with example
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Answer / vali
Form 12 BA is used to show the perquisites provided by the employer to employee
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Answer / anil kumar prajapati
Printed from www.taxmann.com
FORM NO. 12BA
[See rule 26A(2)(b)]
Statement showing particulars of perquisites, other fringe
benefits or
amenities and profits in lieu of salary with value thereof
1. Name and address of employer :
2. TAN :
3. TDS Assessment Range of the employer :
4. Name, designation and PAN of employee :
5. Is the employee a director or a person with
substantial interest in the company (where the
employer is a company)
:
6. Income under the head “Salaries” of the employee
(other than from perquisites)
:
7. Financial year :
8. Valuation of Perquisites :
S.
No.
Nature of perquisites (see rule 3) Value of
perquisite as
per rules
(Rs.)
Amount, if any,
recovered from
the employee
(Rs.)
Amount of
perquisite
chargeable to tax
Col. (3) - Col. (4)
(Rs.)
(1) (2) (3) (4) (5)
1. Accommodation
2. Cars/Other automotive
3. Sweeper, gardener, watchman or
personal attendant
4. Gas, electricity, water
5. Interest free or concessional loans
6. Holiday expenses
7. Free or concessional travel
8. Free meals
9. Free education
10. Gifts, vouchers, etc.
11. Credit card expenses
12. Club expenses
13. Use of movable assets by employees
14. Transfer of assets to employees
15. Value of any other
benefit/amenity/service/privilege
16. Stock options (non-qualified options)
17. Other benefits or amenities
18. Total value of perquisites
19. Total value of profits in lieu of salary as
per section 17(3)
(9) Details of tax,—
(a) Tax deducted from salary of the employee under
ti 192(1)
Printed from www.taxmann.com
section 192(1)
(b) Tax paid by employer on behalf of the employee under
section 192(1A)
(c) Total tax paid
(d) Date of payment into Government treasury
DECLARATION BY EMPLOYER
I,________________________________________ ,
s/o___________________________________working
as______________________________(designation) do hereby
declare on behalf
of__________________________________(name of the employer)
that the information given above is based
on the books of account, documents and other relevant
records or information available with us and the details
of value of each such perquisite are in accordance with
section 17 and rules framed therecunder and that such
information is true and correct.
Signature of the person responsible
for deduction of tax
Place Full Name
Date Designation
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DHPL is a small sized firm manufacturing hand tools. It manufacturing plan is situated in haryana. The company's sales in the year ending on 31st march 2007 were Rs.1000 million(Rs.100 crore) on an asset base of Rs.650 million. The net profit of the company was Rs.76 million. The management of the company wants to improve profitability further. The required rate of the company is 14 percent.The company is currently considering an investment proposal. One is to expand its manufacturing capacity. The estimated cost of the new equipment is Rs.250 million. It is expected to have an economic life of 10 years. The accountant forecasts that net cash inflows would be Rs.45 million per annum for the first three years, Rs.68 million per annum from year four to year eight and for the remaining two years Rs.30 million per annum. The plant can be sold for Rs.200 million: (a) The company can borrow funds from a nationalized bank at the interest rate of 14 percent for 10 years. It will be required to pay equal annum installment of interest and repayment of principal. (b) A financial institution has offered to lend money to DHPL at 13.5 per annum but it needs to pay equated quarterly installment of interest and repayment of principal. Questions: (1) Should the company expand its capacity? show the computation of NPV. (2) What is the annual installment of bank loan? (3) calculate the quarterly installment of the financial institution loan. (4) should the company borrow from the bank of from the financial institution?
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