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of <h1>CBDT Amends Rule 3 on Perquisite Valuation: Concessional Rent Rates Reduced, Avoids Double Taxation, Effective April 1, 2008.</h1> The Central Board of Direct Taxes (CBDT) has amended Rule 3 under Section 12AA concerning the valuation of perquisites, following the Finance Act, 2007. The amendment addresses the definition of concessional rent for perquisite valuation, reducing rates for rent-free and concessional accommodations retrospectively from April 1, 2006, affecting the assessment year 2006-2007 onwards. Additionally, the Finance Act, 2005 introduced Chapter XII-H for Fringe Benefit Tax (FBT), necessitating further amendments to avoid double taxation. New sub-rules have been added to Rule 3 for perquisite valuation by certain exempt employers, effective from April 1, 2008, applicable from the assessment year 2008-2009.
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