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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Rule 3(a)(i) Updates Valuation of Furnished Government Housing for Tax Purposes, Effective September 21, 1974.</h1> The Income-tax (Third Amendment) Rules, 1974, introduced changes to Rule 3(a)(i) concerning the valuation of rent-free residential accommodation provided to government employees. Previously, the perquisite value was based on the rent determined by government rules for residential allotments. The amended rule specifies that for unfurnished accommodations, the valuation remains the same. For furnished accommodations, the value is calculated similarly but increased by 15% of the original cost of the furniture or the hire charges if the furniture is rented. These changes apply from September 21, 1974, affecting assessments from 1975-76 and income tax deductions for 1974-75.
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