Amendment of section 40

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..... ion of any benefit or amenity or perquisite, whether convertible into money or not, to an employee (including any sum paid by the company in respect of any obligation which but for such payment would have been payable by such employee), to the extent such expenditure exceeds one-fifth of the amount of salary payable to the employee for any period of his employment after the aforesaid date: Provide .....

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..... wing Explanation shall be inserted, namely:- 'Explanation 2.- In sub-clause (iii), the word salary shall have the meaning assigned to it in clause (h) of rule 2 of Part A of the Fourth Schedule.'. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI .....

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