Perquisite Value @ 15% is added to salary for income Tax computation against company House proveded in Cities with population above 4lacs and 7.5% in case of cities having population below 4 Lacs. Is it applicable to factories set up in rural villages coming under village panchayats which are not cities. In some cases Income Tax Department is insisting for adding 7.5% of grass salary as perquisite value and taxing accordingly. Is the stand of IT Department is legal?
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Income Tax on House Perquisites
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Mr. John , If I m not wrong Basis of Valuation is as follows:
1. Exceeding 25 lakh - 15%
2. Exceeding 10 lakh below 25 lakh - 10%
3. any Other - 7.5%
We can not comment on legality. we should say , is it justify to tax the perq in this recession period when salaried people r facing even job problem.?
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