(1)For the purposes of this Chapter, "fringe benefits" means any consideration for employment provided by way of-(a)any privilege, service, facility or amenity, directly or indirectly, provided by an employer, whether by way of reimbursement or otherwise, to his employees (including former employee or employees);(b)any free or concessional ticket provided by the employer for private journeys of his employees or their family members; [*] [ The word " and" omitted by Act 22 of 2007, Section 38 (w.e.f. 1.4.2008).](c)any contribution by the employer to an approved superannuation fund for [employees; and] [ Substituted by Act 22 of 2007, Section 38, for " employees" (w.e.f. 1.4.2008).](d)[ any specified security or sweat equity shares allotted or transferred, directly or indirectly, by the employer free of cost or at concessional rate to his employees (including former employee or employees). [ Inserted by Act 22 of 2007, Section 38 (w.e.f. 1.4.2008).]Explanation. - For the purposes of this clause,-(i)"specified security" means the securities as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) ][and, where employees' stock option has been granted under any plan or scheme therefor, includes the securities offered under such plan or scheme] [ Substituted by Act 18 of 2008, Section 25, for certain words (w.e.f. 1.4.2008).];(ii)[ "sweat equity shares" means equity shares issued by a company to its employees or directors at a discount or for consideration other than cash for providing know-how or making available rights in the nature of intellectual property rights or value additions, by whatever name called.] [ Inserted by Act 22 of 2007, Section 38 (w.e.f. 1.4.2008).]
