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Income-tax (1st Amendment) Rules, 2021 - New Rule 3B inserted - Annual accretion referred to in the sub-clause (viia) of clause (2) of section 17 of the Act - 11/2021 - Income Tax
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Taxable perquisite calculation under annual accretion rules clarifies inclusion of employer contributions and income accrual. The rule prescribes a formula for computing annual accretion treated as a taxable perquisite under sub-clause (viia) of clause (2) of section 17. TP equals a prorated component of current principal contribution in excess of the employer contribution threshold plus a return component derived from prior principal contributions and prior taxable perquisites multiplied by an income-to-average-balance ratio R, where R equals income accrued in the current year divided by the average of opening and closing balances. A proviso excludes any excess of prior aggregates over the opening balance from TP1 and PC1 for computation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Taxable perquisite calculation under annual accretion rules clarifies inclusion of employer contributions and income accrual.
The rule prescribes a formula for computing annual accretion treated as a taxable perquisite under sub-clause (viia) of clause (2) of section 17. TP equals a prorated component of current principal contribution in excess of the employer contribution threshold plus a return component derived from prior principal contributions and prior taxable perquisites multiplied by an income-to-average-balance ratio R, where R equals income accrued in the current year divided by the average of opening and closing balances. A proviso excludes any excess of prior aggregates over the opening balance from TP1 and PC1 for computation.
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