Income Tax Act Section 17(2)(ii)(i) Amended: Uniform Valuation Method for Employee Housing Perquisites Introduced.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Rationalization of provisions related to the valuation of residential accommodation provided to employees - For uniform method of computation of value of perquisite, section 17(2)(ii)(i) has been amended to take the power of prescription of the method for computation of the value of rent-free accommodation provided to the assessee by his employer and the value of any accommodation provided to the assessee by his employer at a concessional rate. Earlier, such computation method was explained in Rule 3 & Explanation to sec 17(2).....