CBDT AMENDS RULE 3 UNDER SECTION 12AA - Valuation of perquisites

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..... modation and leased accommodation with retrospective effect from 1st day of April, 2006, that is with effect from assessment year 2006-2007. This has necessitated similar reduction of rates in case of both rent-free and concessional rent accommodations and leased accommodation in Table I of rule 3 with retrospective effect from 1st day of April, 2006, that is in relation to assessment year 2006-20 .....

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..... y, sub-rules 2, 6, 7 (ii), (iii), (iv), (v) and (vi) have been inserted to provide for such valuation. Sub-rule 7(ix) has been inserted to provide for valuation of any other benefit or amenity, etc., in residual cases relating to any employer. These sub-rules will take effect from the 1st April, 2008 and will, accordingly, apply in relation to the assessment year 2008-2009 and subsequent years. .....

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