Valuation of perquisites revised: reduced rent perquisite rates retrospectively and new valuation rules for exempt employers. The amendments to Rule 3 reduce valuation rates for concessional rent, rent free and leased accommodation retrospectively and add valuation provisions for benefits provided by employers not subject to Fringe Benefit Tax. New sub rules prescribe valuation methods for specified amenities and residual benefits supplied by exempt employers; these sub rules take effect for the assessment year following their notified effective date, and the Income Tax Rules were amended and notified by the Board.
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Provisions expressly mentioned in the judgment/order text.
Valuation of perquisites revised: reduced rent perquisite rates retrospectively and new valuation rules for exempt employers.
The amendments to Rule 3 reduce valuation rates for concessional rent, rent free and leased accommodation retrospectively and add valuation provisions for benefits provided by employers not subject to Fringe Benefit Tax. New sub rules prescribe valuation methods for specified amenities and residual benefits supplied by exempt employers; these sub rules take effect for the assessment year following their notified effective date, and the Income Tax Rules were amended and notified by the Board.
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