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of <h1>Rule 3B formula for computing annual taxable perquisite from excess employer contributions under sub-clause (viia) of section 17</h1> Rule 3B prescribes the method to compute annual accretion treated as a taxable perquisite under sub-clause (viia) of clause (2) of section 17: TP = (PC/2)*R + (PC1+TP1)*R, where TP is the current year taxable perquisite, TP1 and PC1 are aggregate taxable perquisites and excess employer contributions (over Rs.7.5 lakh) for prior years from 1-4-2020 onward, PC is current year excess employer contribution, R = I/Favg with I being income accrued in the fund during the year and Favg the average opening and closing fund balances. If TP1+PC1 exceeds the opening balance, the excess is ignored.
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