RE:what about staying in quarters provided by employer
by Amitabh on Mar 03, 2007 02:18 AM Permalink
If the accommodation provided is taken on rent by the emplyer,the taxable value of perks will be 20% of salary or rent paid by emplyer,whichever is lower reduced by the amount,if any,paid by the emplyee as rent.In case the accommodation is owned by the employer,the taxable value of perks will be 20% of emplyee's salary as reduced by the rent,if any,paid by the emplyee.Salary for this purpose includes,basic salary,bonus and all allowances received in cash,to the extent they are taxable.However,if the population of the city where accommodation is provided is less than 4 lacs,the figure of 20% will be read as 15%
