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Example:-. On 15th October 2014, the company gives its music system to Y for domestic use. Ownership is not transferred. Cost of the music system (in 2003) to the employer is ₹ 15,000 |
Chapter No. 25 - Salary - Perquisites - Use of Moveable Assets - Rule 3(7)(vii) . The taxable value of the perquisite is determined @10% per annum of cost. Accordingly, ₹ 690 ( 15,000 x 10/100 x 168/365) is chargeable to tax.
Dated: 11-8-2015
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