21 July 2007
Since perk value has been reduced from 20% to 15%,10% & 7.5% depending on the population of the place- Whether a Company can take perk value of 10% for Ranchi which have less than 25lac population and what would be the conditions of Lease. In all cases, employee gets a house on lease from company and full rent is paid by company without any amount from employee. Whether new perk value will apply only if employee pays some part of rent or new perk value can be taken even if full lease rent is paid by company.
If employee has to pay part of rent, is there any way for an individual to take lower perk value for previous FY 2005-06 and file revised return as company cannot make any deduction now. If this rule is applicable, company can start deducting some token amount from employees for current year. Your suggestions on same, pls.
I shall appreciate if you could reply as early as returns for FY 2006-07 have to be filed before 31.07.2007. Thanks & regards
CAclubindia
