COMPANIES ACT 2013

(78) “remuneration” means any money or its equivalent given or passed to any
person for services rendered by him and includes
perquisites as defined under the Income-tax Act, 1961 (43 of 1961);

INCOME TAX ACT 1961

17. “Salary”, “perquisite” and “profits in lieu of salary” defined.

(2) “perquisite” includes— (i) the value of rent-free accommodation provided to the
assessee by his employer; (ii) the value of any concession in the matter of rent
respecting any accommodation provided to the assessee by his employer;

Definition in Dictionaries

BLACK LAW
1. perquisite (par-kwi-zit). (16c)
A privilege or benefit given in addition to one's salary or regular wages. Often
shortened to perk.

ADVANCE LAW LEXICON

2. Perquisite. "Profits arising to the lord from his Court Baron above the yearly revenu,
such as fines in respect of copyholds': (Perkins, 20, 21.)
3. In Bouvier's Law Dictionary after giving the meaning of "perquisites" in its most
extended sense, it is defined: "In a more limited sense it means something gained by
a place or office beyond the regular salary or fee
4. A gain or profit incidentally made from employment in addition to regular salary or
wages, especially one of a kind expected or promised. (Webster's New International
Dictionary)
5. A privilege, gain or profit incidental to an employment in addition to regular salary
or wages. [S, 17(1)(v), Income-tax Act (43 of 1961))]
6. The idea of a "perquisite of office," in the sense of a fee or allowance for service
beyond the ordinary salary or settled wages, has no place in our legislation, but
seems to be repudiated by the most necessary implication, Once to admit it is to
open a wide door for imposition and corruption." The meaning of the word
'perquisite explained in IT Commr. v. LW-Russel, AIR 1965 SC 491
STROUD'S

7. PERQUISITE. "Profits arising to the lord from his court baron above the yearly
revenue, such as fines in respect of copyholds; Perkins, 20, 21. Perqui situm is also
used in the sense of purchase; Spelm., Perquisitum; Bracton, 1.2. 30, n.3" (Elph.
615,616)2155

DR. A.R BISWAS ENCYCLOPAEDIA

8. The expression includes (i) the value of rent-free accommodation provided to the
assessee by his (ii) the value of any benefit or annuity granted or provided free of
cost or at concessional rates; (iii) the value of any concession in the matter of rent
respecting a accommodation provided to the assessee by his employer. Income-tax
Act of 1961, Section17.