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CS Executive · Tax Laws and Practice · Income under the Head Salary

Under section 392 of the Income-tax Act, 2025, the employer must furnish to the employee a statement of perquisites. Which description matches the statement required by section 392(5)(a)?

The employer must furnish a statement, in the prescribed form and manner, giving correct and complete particulars of perquisites or profits in lieu of salary paid, together with their value. There is no value threshold and it does not depend on any request by the employee.

  1. AA statement with correct and complete particulars of perquisites or profits in lieu of salary paid, along with their valueCorrect
  2. BA statement showing only the monetary salary paid during the year
  3. CA statement of perquisites exceeding Rs. 50,000 only
  4. DA statement of perquisites filed only if the employee requests it

Explanation

Section 392(5)(a) requires the payer to furnish a statement, in the prescribed form and manner, with correct and complete particulars of perquisites or profits in lieu of salary, with their value. It has no Rs. 50,000 threshold and does not depend on the employee's request.

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