Income tax - valuation of perquisite
This query is : Resolved
27 February 2008
what is the value of perquisite in case of unfurnished accommodation provided to an employee of a bank which is a govt. of india undetaking ?
please send in your answers to
srinivasanupama@gmail.com
please send in your answers to
srinivasanupama@gmail.com
27 February 2008
please send in your suggestions to
srinivasanupama@gmail.com
srinivasanupama@gmail.com
S.Srinivasaraghavan
(Expert)
28 February 2008
Where the accommodation is provided by any other employer (other than Government)and
(a) where the accommodation is owned by the employer,
(i) 15 per cent of salary in cities having population exceeding 25 lakhs as per 2001 census;
(ii) 10 per cent of salary in cities having population exceeding 10 lakhs but not exceeding 25 lakhs as per 2001 census;
(iii) 7.5 per cent of salary in other areas,
in respect of the period during which the said accommodation was occupied by the employee during the previous year as reduced by the rent, if any, actually paid by the employee.
or
(b) where the accommodation is taken on lease or rent by the employer. Then:
Actual amount of lease rental paid or payable by the employer or 15 per cent of salary whichever is lower as reduced by the rent, if any, actually paid by the employee.
(a) where the accommodation is owned by the employer,
(i) 15 per cent of salary in cities having population exceeding 25 lakhs as per 2001 census;
(ii) 10 per cent of salary in cities having population exceeding 10 lakhs but not exceeding 25 lakhs as per 2001 census;
(iii) 7.5 per cent of salary in other areas,
in respect of the period during which the said accommodation was occupied by the employee during the previous year as reduced by the rent, if any, actually paid by the employee.
or
(b) where the accommodation is taken on lease or rent by the employer. Then:
Actual amount of lease rental paid or payable by the employer or 15 per cent of salary whichever is lower as reduced by the rent, if any, actually paid by the employee.
28 February 2008
whether a bank (a govt. of india undertaking ) is considered as govt or other than govt. employer for the purpose of calculating rent-free unfurnished accommodation?
if considered as a govt. employer what is the value of perquisite taxable in the hands of the employee?
if considered as a govt. employer what is the value of perquisite taxable in the hands of the employee?
S.Srinivasaraghavan
(Expert)
28 February 2008
A bank employee is not conidered as Government employee
28 February 2008
the above rates are applicable for which assessment year ?
regards
srinivas
regards
srinivas
S.Srinivasaraghavan
(Expert)
28 February 2008
Effective 1-4-2007.
28 February 2008
dear sir,
thank you for providing your valuble advice.
please clarify as to which ay it is applicable
regards
srinivas
thank you for providing your valuble advice.
please clarify as to which ay it is applicable
regards
srinivas
CA. GOPAL SONIKA
(Expert)
28 February 2008
for AY 2008-09
S.Srinivasaraghavan
(Expert)
28 February 2008
Yes, As it is beginning of financial year 1-4-2007, it has to be for assessment year 2008-09
28 February 2008
FOR THE ASSESSMENT YEAR 2008-09
28 February 2008
thank you for providing your valuable advice.
regards
srinivasanupama@gmail.com
regards
srinivasanupama@gmail.com
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