Income-tax (Seventh Amendment) Rules, 2005

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the Central Board of Direct Taxes hereby makes 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,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....adio sets, refrigerators, other household appliances, air conditioning plant or equipment) 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 th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....by the employee.   (b) Where the accommodation is taken on lease or rent by the employer. Actual amount of lease rental paid 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....