9911796707
TMI BlogComputation of Perquisite - Value of residential accommodation provided by the employer to employeeX X X X Extracts X X X X X X X X Extracts X X X X ..... , 2023. (2) They shall come into force with effect from the 1st day of September, 2023. 2. In the Income-tax Rules, 1962, in rule 3,-- (i) for sub-rule (1), the following shall be substituted, namely: - '(1) The value of residential accommodation provided by the employer, for the purpose of sub-clauses (i) and (ii) of sub-section (2) of section 17, during the previous year shall be determined on the basis provided in the table I given below: TABLE-I Sl. No. Circumstances Where accommodation is unfurnished Where accommodation is furnished (1) (2) (3) (4) (1) Where the accommodation is provided by the Central Government or any State Government to the employees either holding office or post in connection with the affairs of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espect of the period during which the said accommodation was occupied by the employee during the previous year as reduced by the rent, if any, actually paid by the employee. (b) where the accommodation is taken on lease or rent by the employer. Actual amount of lease rental paid or payable by the employer or 10% of salary, whichever is lower, as reduced by the rent, if any, actually paid by the employee. The value of perquisite as determined under column (3) and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air-conditioning plant or equipment or other similar appliances or gadgets) or if such furniture is hired from a third party, by the actual hire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Table above for a period not exceeding ninety days and thereafter the value of perquisite shall be charged for both such accommodations in accordance with the Table: Provided also that where the accommodation is owned 1[or taken on lease or rent] by the employer and the same accommodation is continued to be provided to the same employee for more than one previous year, the amount calculated in accordance with SL. No.2(a) or 2(b) shall not exceed the amount so calculated for the first previous year, as multiplied by the amount which is a ratio of the Cost Inflation Index for the previous year for which the amount is calculated and the Cost Inflation Index for the previous year in which the accommodation was initially provided to the emplo ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
