{"id":45457,"date":"2023-08-30T11:31:41","date_gmt":"2023-08-30T06:01:41","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=45457"},"modified":"2024-05-30T15:41:15","modified_gmt":"2024-05-30T10:11:15","slug":"who-are-the-specified-employees-are-they-taxed-differently","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/who-are-the-specified-employees-are-they-taxed-differently\/","title":{"rendered":"Who are the Specified Employees? Are they taxed differently?"},"content":{"rendered":"<p style=\"text-align: justify;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-45459 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/Director-Appointment-under-the-Companies-Act-2013-20.png\" alt=\"Who are the Specified Employees?\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/Director-Appointment-under-the-Companies-Act-2013-20.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/Director-Appointment-under-the-Companies-Act-2013-20-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/Director-Appointment-under-the-Companies-Act-2013-20-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/Director-Appointment-under-the-Companies-Act-2013-20-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/Director-Appointment-under-the-Companies-Act-2013-20-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/Director-Appointment-under-the-Companies-Act-2013-20-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Welcome to our blog where we shed light on the concept of &#8220;Specified Employees&#8221; and their potential tax implications. In the realm of income tax regulations, Specified Employees hold a crucial position. They are individuals with a certain level of equity shareholding or voting power in a company. As we delve into this topic, we&#8217;ll explore the criteria that will actually define that Who are the Specified Employees? and how their taxation might differ from that of other employees. Join us as we demystify this aspect of the tax landscape and provide clarity on its significance for both employees and employers.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid#000000;\"><b>Table of Content<\/b><\/p>\n<ul>\n<li><a href=\"#who\"><span style=\"font-weight: 400;\">Who is Specified Employee?<\/span><\/a><\/li>\n<li><a href=\"#salary\"><span style=\"font-weight: 400;\">Salary and Wages Taxability for Specified Employees<\/span><\/a><\/li>\n<li><a href=\"#taxability\"><span style=\"font-weight: 400;\">Taxability of Bonuses and other Compensation for Specified\u00a0Employees\u00a0<\/span><\/a><\/li>\n<li><a href=\"#determination\"><span style=\"font-weight: 400;\">Determination of Stock Option Taxability for Specified Employees<\/span><\/a><\/li>\n<li><a href=\"#list\"><span style=\"font-weight: 400;\">List of perquisites that will be taxed in hand of specified employee<\/span><\/a><\/li>\n<li><a href=\"#conclusion\"><span style=\"font-weight: 400;\">Conclusion<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"who\" style=\"text-align: justify;\"><b>Who is Specified Employee?<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">A &#8220;Specified Employee&#8221; in India is a person who:\u00a0<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Is a <\/span><span style=\"font-weight: 400;\">director<\/span><span style=\"font-weight: 400;\"> of the company;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Holds a key managerial position in the company;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Is a member of the company&#8217;s Board of Directors or Is a member of the company&#8217;s Board of Trustees;<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Holds a specified position within the organization and earns a monthly salary of at least 60,000.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Additionally, the term &#8220;Specified Employee&#8221; is defined in the <\/span><span style=\"font-weight: 400;\">Companies Act 2013<\/span><span style=\"font-weight: 400;\"> and the <\/span><span style=\"font-weight: 400;\">Income Tax Act 1961<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2 id=\"who\" style=\"text-align: justify;\"><img decoding=\"async\" class=\"aligncenter wp-image-45461 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/KABHI-KABHI.png\" alt=\"Who are the Specified Employees?\" width=\"820\" height=\"171\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/KABHI-KABHI.png 820w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/KABHI-KABHI-300x63.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/KABHI-KABHI-615x128.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/KABHI-KABHI-400x83.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2023\/08\/KABHI-KABHI-292x61.png 292w\" sizes=\"(max-width: 820px) 100vw, 820px\" \/><\/h2>\n<h2 id=\"salary\" style=\"text-align: justify;\"><b>Salary and Wages Taxability for Specified Employees<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">To comprehend the taxability of salary and wages for specified employees in India, it is necessary to first define &#8220;salary&#8221; and &#8220;wages.&#8221; A salary is a fixed quantity of money paid to an employee by his or her employer, usually monthly. In contrast, wages are a variable sum of money paid by an employer to an employee, typically on an hourly basis.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Now, let us examine the taxability of salaries and compensation for specified Indian employees. The Income Tax Act of 1961 specifies the taxability of salaries and compensation for specified Indian employees. According to the Income Tax Act of 1961, an employee&#8217;s salary and compensation from a specified employer are taxable in India.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Exceptions to the rules:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In India, salaries and wages earned from a foreign employer are not taxable.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Similarly, salaries and wages earned by an Indian resident working abroad are not taxable in India.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Salary and wages earned by a resident of India who works in India for less than 60 days are also not taxable in India.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In India, salaries and wages earned by an employee who is a citizen of India but is working abroad are also not taxable.<\/span><\/li>\n<\/ul>\n<h2 id=\"taxability\" style=\"text-align: justify;\"><b>Taxability of Bonuses and other Compensation for specified\u00a0Employees\u00a0<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Bonuses and other forms of compensation<\/span><span style=\"font-weight: 400;\"> paid to certain employees in India are subject to taxation. The 1961 Income Tax Act governs the taxability of incentives and additional compensation paid to specified employees. The Income Tax Act of 1961 defines a &#8220;specified employee&#8221; as an employee who is employed by a public sector company or a non-public sector company and whose annual compensation exceeds 1,00,000 from their employer.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">If the bonus or other compensation is paid in cash, the employee must pay income tax at the applicable rate on the amount. If the bonus or other compensation is paid in the form of property, the employee must pay income tax at the applicable income tax rate on the property&#8217;s fair market value.<\/span><\/p>\n<h2 id=\"determination\" style=\"text-align: justify;\"><b>Determination of Stock Option Taxability for Specified Employees<\/b><\/h2>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.cagmc.com\/employees-stock-option-plan\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Stock options&#8217; taxability<\/span><\/a><span style=\"font-weight: 400;\"> depends on the option type, exercise price, holding period, and employee tax bracket.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The option type influences how it is taxed. Consider a non-qualified stock option. When exercising, the employee pays ordinary income tax on the difference between the exercise price and the stock&#8217;s fair market value.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The employee pays capital gains tax on the difference between the exercise price and the stock&#8217;s fair market value at sale if the option is qualified. The exercise price also affects stock option taxability. The employee can buy stock at the exercise price. If the exercise price is less than the stock&#8217;s fair market value, the difference is taxed as ordinary income. If the exercise price exceeds the stock&#8217;s fair market value, the difference will be taxed as a capital gain.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Employees must wait the holding period before trading shares. The reserve must be kept for less than a year to be taxed as a <\/span><span style=\"font-weight: 400;\">short-term capital gain or loss<\/span><span style=\"font-weight: 400;\">. <\/span><a href=\"https:\/\/www.cagmc.com\/taxation-of-capital-gain\/#long-term\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Long-term capital gains<\/span><\/a><span style=\"font-weight: 400;\"> or losses on shares held for more than a year are taxed.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The employee&#8217;s tax categorization also affects stock option taxation. Higher tax classifications and regular income have higher tax rates than capital gains. Thus, if the option is treated as ordinary income, the employee&#8217;s tax rate will be higher than if it is capital gain.<\/span><\/p>\n<h2 id=\"list\" style=\"text-align: justify;\"><b>List of perquisites that will be taxed in hand of specified employee<\/b><\/h2>\n<ul style=\"text-align: justify;\">\n<li aria-level=\"1\"><b>Gas, electricity, or water:<\/b><span style=\"font-weight: 400;\"> If purchased from an outside supplier by the employer<\/span><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Taxable Value = Actual amount paid or payable by employer to an outside agency minus the amount recovered from the employee.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">If offered by the employer from his own resources:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Taxable Value = Employer&#8217;s Manufacturing Cost &#8211; Amount Recovered from Employee<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Free domestic servant<\/b><span style=\"font-weight: 400;\">: Salary paid or payable to such individual &#8211; Amount recovered from employee equals Taxable Value.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Free or concessional education<\/b><span style=\"font-weight: 400;\">: If the employer incurs expenses, the taxable value is the difference between what was spent minus what was reimbursed by the employee.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">If the education is offered in an education institution\u00a0that the employer owns and maintains, the Taxable Value is equal to the cost of such education at a facility that is comparable to that in the area, less\u00a0Rs 1000 per month for each child, less any money that was paid by the employee.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">The deduction of Rs 1,000 per month per child is not allowed if the education facility is offered to a family member. It is only accessible if employees&#8217; children receive access to the educational facilities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">If the scholarship is awarded by the business to the children of its employees exclusively at its discretion and without consideration of the employment contract, it is not deductible as a reward in the employee&#8217;s hands.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Free transportation supplied to an employee by a transportation company is Taxable Value is calculated as follows: General Public Charges for Similar Facility &#8211; Employee Recovery.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li aria-level=\"1\"><b>When the car is owned by an employee and maintenance and operating costs are covered or reimbursed by the employer<\/b><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">If car is used for official purpose, then tax will be Nil if specified conditions are fulfilled.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Actual costs expended by the employer minus amounts reimbursed by the employee if the car is used exclusively for personal purposes<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">If a car is utilized primarily for personal purposes and primarily for work, then: Actual costs incurred by the employer minus a specific amount, or an amount claimed if certain requirements are met minus a sum recouped from the employee is the tax to be paid<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li aria-level=\"1\"><b>If employer hires or owns car, and employer pays or reimburses maintenance and running expenses<\/b><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">If car is used for official purpose, then Nil tax if specified conditions are fulfilled.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">If a car is exclusively utilized for personal purposes, then\u00a0then tax will be Actual costs incurred by the employer plus 10% p.a. of the actual cost of the car to the employer (if the car is owned by the employer), plus hire fees and chauffer compensation &#8211; The amount that the employee repaid<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">If a car is utilized partly for personal purposes and partly for work, then\u00a0Specified Amount<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li aria-level=\"1\"><b>When an employer owns or rents a vehicle, and maintenance and operating costs are covered by the employee themselves.<\/b><\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">If car is used for official purpose, then tax will be nil\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">If a car is exclusively utilized for personal purposes Actual costs incurred by the employer plus 10% p.a. of the actual cost of the car to the employer (if the car is owned by the employer), plus hire fees and chauffer compensation &#8211; The amount that the employee repaid will be the tax amount to be paid.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">If a car is utilized partly for personal purposes and partly for work If the cubic capacity is less than 1.6 litres, the rate is Rs. 600 per hour plus Rs. 900 per hour (if a chauffeur is given). If the vehicle&#8217;s cubic capacity is greater than 1.6 litres, an additional Rs. 900 per hour will be charged (if a chauffeur is given).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Regarding any cash that is recovered from the employee, nothing is deductible.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2 id=\"conclusion\" style=\"text-align: justify;\"><b>Conclusion<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In conclusion, Specified Employees hold a distinctive status under <a href=\"https:\/\/www.incometax.gov.in\/iec\/foportal\/\" target=\"_blank\" rel=\"noopener\">income tax<\/a> regulations, primarily due to their ownership or control over a company through equity shares or voting power. This unique classification often leads to divergent tax treatment, particularly in scenarios involving employee stock options. As we&#8217;ve explored, their tax liability can vary based on factors such as exercise timing and vesting periods. As tax laws evolve, it&#8217;s imperative for both employees and employers to stay updated on the latest provisions to ensure compliance and optimize tax planning.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Welcome to our blog where we shed light on the concept of &#8220;Specified Employees&#8221; and their potential tax implications. 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