FBOA_Circular_49

UNION IS STRENGTH Federal Bank Officers’ Association Central Office: FBOA CENTRE, FBOA ROAD, ALUVA - 683 101 Phone: Office: 0484-2624646, 2627646, Mobile: Gen. Secretary: 9995955569 E-mail: [email protected], Website: www.fboa.net , 2023 To All Members, INCOME TAX DEDUCTION ON PERQUISITES EXTENSION OF TAX BENEFITS FOR FBOA MEMBERS Dear Comrade, Members of the association are enjoying the tax benefit of the income tax on perquisites for a long. 1

Cases filed by the All India Bank Officers’ Confederation and Federal Bank Officers’ Association are pending before the Honourable Supreme Court of India. We handed over a letter to the MD & CEO on extending tax benefits to Federal Bank Officers’ Association members for the financial year 2022-23. We reproduce the text of the letter for the information of our members. Comradely yours, Shimith P R General Secretary 2

Text of the letter to the Management: Ref: No: FBOA/F-20/ 16 / 2021-203 24th January 2023 To Sri. Shyam Srinivasan Managing Director & CEO The Federal Bank Ltd Head Office, Aluva 683101 Dear Sir, Sub: Tax on Perquisites value under Section 17(2) of Income Tax Act, 1961 as amended by Finance Act, 2007 We would like to inform you that cases S.L.P. (C). CC No. 4327 / 2017 filed on February 21, 2017, and SLP (C) No. 006977 / 2017 filed on February 27, 2017 are still 3

pending before the Honourable Supreme Court. Accordingly, the stay order issued by the Honourable Supreme Court of India in Special Leave Petition no. 4327/2017 challenging the judgement of the Honourable High Court of Madras in W.P no. 10053 of 2008 in the matter of perquisite value under Section 17 (2) of Income Tax Act, 1961 as amended by Finance Act, 2007 remains effective for the financial year 2022- 23. Hence, we request that the tax benefit mentioned above be extended to the Federal Bank Officers’ Association members during this financial year 2022-23 also. Yours sincerely, (Sd) Shimith P R General Secretary Copy to: President & CHRO 4

Encl: Screenshot of Supreme court website (https://main.sci.gov.in/case-status) case status. 5