Mr. Balan is employed in SS Ltd at Madurai. He is provided with a rent free accommodation owned by the employer. The percentage of salary to be adopted for the purpose of valuation of perquisite would be:
CS Executive · Tax Laws and Practice · PYQS · December 2017
Mr. Balan is employed in SS Ltd at Madurai. He is provided with a rent free accommodation owned by the employer. The percentage of salary to be adopted for the purpose of valuation of perquisite would be:
Answer & Explanation:
Correct Answer: Option (A)
The official key records '*'. The official source note accepts options A, B and C because the required population information is missing. Official source note: The rate of prequisites value on rent free accomodation is vary based on the population of the city. Since the quesion is silent about the actual population of city of Madurai. Hence, candidates marking option A/B/C are valid.
Topics: Income Tax
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