India - Income Tax Act 2010 - Saarc

S. 17(2) I.T. ACT, 1961 1.14687[(va) any payment received by an employee in respect of any period ofleave not availed of by him;](vi) the annual accretion to the balance at the credit of an employeeparticipating in a recognised provident fund, to the extent towhich it is chargeable to tax under rule 6 of Part A of the FourthSchedule;(vii) the aggregate of all sums that are comprised in the transferredbalance as referred to in sub-rule (2) of rule 11 of Part A of theFourth Schedule of an employee participating in a recognisedprovident fund, to the extent to which it is chargeable to tax undersub-rule (4) thereof; and88[(viii) the contribution made by the Central Government 89 [or any otheremployer] in the previous year, to the account of an employeeunder a pension scheme referred to in section 80CCD;]90(2) “perquisite” includes—91(i) the value of rent-free accommodation provided to the assesseeby his employer;(ii) the value of any concession in the matter of rent 92 respecting anyaccommodation provided to the assessee by his employer;93[Explanation 1.—For the purposes of this sub-clause, concessionin the matter of rent shall be deemed to have been providedif,—94[(a) in a case where an unfurnished accommodation is providedby any employer other than the Central Governmentor any State Government and—87. Inserted by the Taxation Laws (Amendment) Act, 1984, w.r.e.f. 1-4-1978.88. Inserted by the Finance (No. 2) Act, 2004, w.r.e.f. 1-4-2004.89. Inserted by the Finance Act, 2007, w.r.e.f. 1-4-2004.90. See rule 3.91. In terms of section 10A of the Salaries and Allowances of Ministers Act, 1952/Salaries andAllowances of Officers of Parliament Act, 1953 and section 9A of the Salary andAllowances of Leaders of Opposition in Parliament Act, 1977, value of rent-free furnishedresidence (including maintenance thereof) provided to a minister/an officer of Parliamentand a Leader of the Opposition is not to be included in the computation of his incomechargeable to tax under the head “Salaries”.92. For the meaning of term “rent”, see Taxmann’s Direct Taxes Manual, Vol. 3.93. Inserted by the Finance Act, 2007, w.r.e.f. 1-4-2002.94. Substituted, ibid., w.r.e.f. 1-4-2006. Clause (a) of Explanation 1 to section 17(2)(ii), asapplicable for the period 1-4-2002 to 31-3-2006 (i.e., assessment years 2002-03 to 2005-06),read as under :“(a) in a case where an unfurnished accommodation is provided by any employer otherthan the Central Government or any State Government and—(i) the accommodation is owned by the employer, the value of the accommodationdetermined at the rate of ten per cent of salary in cities having populationexceeding four lakhs as per 1991 census and seven and one-half per cent ofsalary in other cities, in respect of the period during which the said accom-(Contd. on p. 1.147)