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        F. Acts / Amendment Acts

        Section 7 - Amendment of section 17

        Taxation Laws (Amendment) Act, 1984
        Chapter II
        AMENDMENTS TO THE INCOME-TAX ACT, 1961

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        Perquisite valuation for concessional employer loans clarified, and leave encashment recognised as taxable salary component. Amendments to section 17 add leave encashment received for unavailed leave as taxable salary (effective 1 April 1978) and prescribe perquisite valuation for employer-advanced loans for house/site purchase or motor car where interest is nil or below a government-specified rate, by taxing the interest computed at the specified rate or the differential between the specified rate and actual interest; exemptions apply to Central/State Government employees and to employees below a stated salary threshold.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Perquisite valuation for concessional employer loans clarified, and leave encashment recognised as taxable salary component.

                                Amendments to section 17 add leave encashment received for unavailed leave as taxable salary (effective 1 April 1978) and prescribe perquisite valuation for employer-advanced loans for house/site purchase or motor car where interest is nil or below a government-specified rate, by taxing the interest computed at the specified rate or the differential between the specified rate and actual interest; exemptions apply to Central/State Government employees and to employees below a stated salary threshold.


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