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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.

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      ActsIncome Tax
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