.......For companies registered under the Companies Act, 1956 (Cos Act), Section 200 prohibits payment of tax-free remuneration to employees/officers. Despite this prohibition in the Cos Act, the scheme for taxation of perquisites acknowledges tax-free salary payment as a permissible arrangement. Section 10(10CC) of the Income-Tax Act, 1961 (IT Act) overrides Section 200 of the Cos Act and provides the employer an option to pay tax on behalf of employees on non-monetary perquisites and exempts such tax actually paid by the employer in employee’s hands, thus subjecting it only to a single level gross-up..........
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