Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: cpt :: list of goods taxed at 4% :: VAT Audit :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: empanelment :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: form 3cd :: ACCOUNTING STANDARDS :: due date for vat payment
 
 
News Headlines »
 Income tax dept notifies amendments for sharing taxpayer information
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya

Apex court nod to new perquisites tax computation
September, 19th 2006
The Supreme Court has upheld the new method of computation of perquisites in the matter of rental accommodation provided by companies to their employees. The new mode of computation was introduced by amending Rule 3 of the Income-Tax Rules, 1962, in 2001. Some executives of Tisco had challenged the new method as arbitrary and discriminatory. The Jharkhand and Kolkata high courts had dismissed such challenges earlier. The executives moved appeals in the Supreme Court, which were dismissed by a Bench headed by Chief Justice YK Sabharwal. The governments stand was that the tax authorities were finding it difficult to determine fair market value of the property as the earlier method was cumbersome. It did not take into account the high rent in the metros. These issues were subject to litigation in various courts and the amendment was meant to obviate these difficulties, it said. The government further said the valuation of perks relating to accommodation for private as well as public sector employees should be 10 per cent or 7.5 per cent of the salary. Providing accommodation at less than that would be deemed to be concession, it said. This was decided in keeping with the recommendation of the expert group constituted to rationalise income-tax laws. It was a policy decision in which the court should not interfere, the government argued. The Supreme Court, while upholding the new rule, partly allowed the appeals and granted some relief to the executives. It said it was open to the assessee to contend that there was no concession in the matter of accommodation provided by the company.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions