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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendments to Rule 3 of Income-tax Rules, 1962: New Perquisite Valuation for Salaried Taxpayers, Effective April 1974.</h1> The Income-tax (Amendment) Rules, 1974, revised clauses (a), (b), and (c) of Rule 3 of the Income-tax Rules, 1962, concerning the valuation of perquisites like rent-free residential accommodation and motor cars. The amendments categorize salaried taxpayers into three groups for determining perquisite value. The first group includes government officials, the second includes employees of certain government-related entities, and the third comprises private sector employees. The perquisite value of motor cars varies based on usage, ownership, and maintenance costs. These changes apply from April 2, 1974, affecting tax deductions and assessments for the financial year 1974-75.
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