Income-tax (Seventh Amendment) Rules, 2005

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....s the following rules further to amend the Income-tax Rules, 1962, namely: 1. (1) These rules may be called the Income-tax (Seventh Amendment) Rules, 2005. (2) They shall come into force on the 1st day of April, 2005. 2. In the Income-tax Rules, 1962, in rule 3, (a) in sub-rule (1), for Table I, the following Table shall be substituted, namely: Table I Sr. No. Circumstances Where accommoda....

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....pment) or if such furniture is hired from a third party, the actual hire charges payable for the same as reduced by any charges paid or payable for the same by the employee during the previous year. 2. Where the accommodation is provided by any other employer and- (a) Where the accommodation is owned by the employer, or (i) 20% of salary in cities having population exceeding 4 lakhs as per 20....

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....or payable by the employer or 20% of salary whichever is lower as reduced by the rent, if any, actually paid by the employee. The value of perquisite as determined under column (3) and increased by 10% per annum of the cost of furniture (including television sets, radio sets, refrigerators, other household appliances, air conditioning plant or equipment or other similar appliances or gadgets) or ....