Income tax - valuation of perquisite

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srinivas (Querist)

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

srinivas

srinivas (Querist)

27 February 2008 please send in your suggestions to

srinivasanupama@gmail.com

S.Srinivasaraghavan

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.

srinivas

srinivas (Querist)

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?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

28 February 2008 A bank employee is not conidered as Government employee

srinivas

srinivas (Querist)

28 February 2008 the above rates are applicable for which assessment year ?

regards
srinivas

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

28 February 2008 Effective 1-4-2007.

srinivas

srinivas (Querist)

28 February 2008 is it applicable for ay 2008-09 or ay 2007-08