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INFY » Topics » Companys Contribution

This excerpt taken from the INFY 20-F filed Apr 26, 2005.

Company’s Contribution

 

  Ø Towards Provident Fund : As per Company rules

 

  Ø Towards Superannuation
       Fund/ Annuity Fund : As per Company rules

 

Contribution to Provident Fund, Superannuation Fund or Annuity Fund will not be included in the computation of the ceiling of perquisites to the extent these either singly or put together are not taxable under the Income Tax Act, 1961.

 

  Ø Gratuity: as per rules of the Company, payable in accordance with the approved fund at the rate of 15 days salary for each completed year of service in excess of six months shall re reckoned as completed year of service.

 

  Ø Encashment of Leave on retirement: The Director shall be entitled to encashment of leave at the time of retirement or his tenure that may be lying to his credit. The amount of leave salary to be encashed shall be calculated on the basis of last pay drawn. This will not be included in calculation of ceiling of perquisites.

  Ø Conveyance: Use of Company’s car with driver for official purposes shall not be considered as perquisite.

 

  Ø Telephone: Use of telephone at residence. Use of telephone for official purposes shall not be considered as perquisites.

 

  Ø Variable Incentive Plan: As may be determined by the remuneration/Compensation committee.

 

The value of the perquisites to be valued as per Income Tax Rules, wherever applicable, and at costs. In addition to the above perquisites, the Board of Directors may grant other perquisites to Mr.                     , Director from time to time as they may deem fit within the above mentioned overall ceiling.

 

"Companys Contribution" elsewhere:

Synopsys (SNPS)
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