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        Income Tax

        Example:-. On 15th October 2014, the company gives its music system to Y for domestic use. Ownership is not transferred. Cost of the music system (in 2003) to the employer is ₹ 15,000

        11 August, 2015

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        Chapter No. 25 - Salary - Perquisites - Use of Moveable Assets - Rule 3(7)(vii)

        . The taxable value  of the perquisite is determined @10% per annum of cost.

        Accordingly, ₹ 690 ( 15,000 x 10/100 x 168/365) is chargeable to tax.

        Use of movable assets perquisite taxed at prescribed annual percentage with pro rata computation for period of employer-provided use. Use of moveable assets provided by an employer is a taxable perquisite valued by applying a prescribed annual percentage of the asset's cost, with a pro rata adjustment for the actual days of employee use within the year (annual percentage of cost x days of use/365).
                        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.

                              Use of movable assets perquisite taxed at prescribed annual percentage with pro rata computation for period of employer-provided use.

                              Use of moveable assets provided by an employer is a taxable perquisite valued by applying a prescribed annual percentage of the asset's cost, with a pro rata adjustment for the actual days of employee use within the year (annual percentage of cost x days of use/365).


                              Note: It is a system-generated summary and is for quick reference only.
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