Form 12BA is a statement of perquisites or bonuses to be issued by the employer to the employee. It gives a detailed statement of benefits, bonuses, profiles, etc. in lieu of income from salary.
What are Perquisites?
Perquisites, which are also referred to as benefits, which is given to an employee on account of the services provided by an employer. These benefits are further classified into two types:
- Monetary perks – These are the benefits that are provided in cash only. It includes travel and holiday expenses.
- Non-monetary perks – It includes rent-free accommodation, free meals, car, gift vouchers, etc.