https://www.taxtmi.com/notifications?id=135279 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. en-us Fri, 05 Mar 2021 00:00:00 +0530 Thu, 03 Mar 2022 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=135279 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. Notifications Income Tax Fri, 05 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/notifications?id=135279