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of <h1>Music System Use for Domestic Purposes Taxed u/r 3(7)(vii) at 10% Annually, Rs. 690 Chargeable.</h1> On 15th October 2014, a company provided its music system to an individual for domestic use without transferring ownership. The original cost of the music system in 2003 was Rs. 15,000. Under Rule 3(7)(vii) of the Income Tax regulations concerning salary and perquisites, the taxable value of this perquisite is calculated at 10% per annum of the asset's cost. Consequently, Rs. 690 is chargeable to tax, reflecting the prorated value for the period of use.
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