Valuation of perquisites: rule 3 governs rent free accommodation and free food, superseding the earlier circular in instruction.

Valuation of employee perquisites for free boarding and lodging must be determined under Rule 3 of the Income-tax Rules, 1962, with the provision for rent free residential accommodation applied to employer provided housing and the provision for free food applied to employer supplied meals; the earlier 1960 circular is superseded.

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