28 July 2007
IN FINANCE ACT 2007, THERE IS CHANGE IN VALUE OF RENT FREE ACCOMODATION WITH RESTROPECTIVE EFFECT FROM ASSESSMENT YEAR 2006-07.. BUT RULE 3(1) IS NOT AMENDED. I HAVE TO FILE RETURN FOR THE ASSESSMENT YEAR 2007-08 HOW I VALUE MY PERKS. WHETHER I WILL TAKE RATE 20% , 15% OR 10% & 7.5%. IF I HAVE TO TAKE 10% OR 7.5% , THEN CAN I REVISED MY RETURN OF ASSESSMENT YEAR 2006-07.
The amendment is applicable for Concessional accomodation not on rent free accomodations. In my opinion you should file your revised return to claim deduction which were allowed retrospectively..
28 July 2007
IN FINANCE ACT 2007, THERE IS CHANGE IN VALUE OF RENT FREE ACCOMODATION WITH RESTROPECTIVE EFFECT FROM ASSESSMENT YEAR 2006-07.. BUT RULE 3(1) IS NOT AMENDED. I HAVE TO FILE RETURN FOR THE ASSESSMENT YEAR 2007-08 HOW I VALUE MY PERKS. WHETHER I WILL TAKE RATE 20% , 15% OR 10% & 7.5%. IF I HAVE TO TAKE 10% OR 7.5% , THEN CAN I REVISED MY RETURN OF ASSESSMENT YEAR 2006-07.
CAclubindia
