Bank staff perks: what is taxed
Sample: Anil, 44, bank officer in Indore. ₹14 lakh salary, ₹20 lakh staff home loan at 4%.
₹1,00,000 staff loan perk, ₹15,600 tax on it
Each perk, taxed or not, and what it costs you.
- ✕Staff home loan below the benchmark rateTaxed on the gap: ₹20,00,000 x 5% = ₹1,00,000 a year, added to salary.Tax on it₹15,600Old Rule 3(7)(i)
- ✓Small loans up to ₹2 lakh in allNot taxed.Old Rule 3(7)(i)
- ✓Leave fare concession (LFC)Tax free for 2 journeys in a block of 4 years, old regime only. In the new regime it is salary.Schedule III (old 10(5))
- ✓Employer NPSDeductible up to 14% of basic plus DA in the new regime.Sec 124 (old 80CCD(2))
- ✓Free locker and bankingSmall, usually not taxed. Check the perquisite list in your Form 130 (old Form 16).Perquisite rules
Tax on it in all₹15,600