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of <h1>CBDT Circular Updates Valuation Rules for Employee Perquisites: Free Boarding and Lodging as per Rule 3, Income-tax Rules 1962.</h1> This circular, issued by the Central Board of Direct Taxes on August 24, 1981, addresses the valuation of perquisites related to free boarding and lodging provided to employees. It references Rule 3 of the Income-tax Rules, 1962, which specifies the method for valuing such benefits. Rule 3(a)(iii) pertains to rent-free residential accommodation, while Rule 3(g) covers the valuation of free food. The circular supersedes a previous directive from March 2, 1960, emphasizing the updated rules for determining the value of these perquisites for income tax purposes.
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