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Income Tax - Highlights / Catch Notes

Home Highlights February 2023 Year 2023 This

Rationalization of provisions related to the valuation of ...

Income Tax

February 4, 2023

Rationalization of provisions related to the valuation of residential accommodation provided to employees - For uniform method of computation of value of perquisite, section 17(2)(ii)(i) has been amended to take the power of prescription of the method for computation of the value of rent-free accommodation provided to the assessee by his employer and the value of any accommodation provided to the assessee by his employer at a concessional rate. Earlier, such computation method was explained in Rule 3 & Explanation to sec 17(2).

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