Valuation of residential accommodation provided by PSU to its employees

Advertisement RELEVANT PARAGRAPH 48. Section 17(2)(ii) as it stood prior to amendment in 2007 did not contain any ‘deeming clause’ to deem rent paid less than 10% or 7.5% as a concession or that the employees is deemed to have received that concession. An employer may provide residential accommodation to his employees for several reasons. It is also possible that for making available staff quarters/colonies/ accommodations, State Governments or Central Government may provide land to public sector undertakings/ companies/ corporations at a concessional rate imposing appropriate c...