Section 3(7)(vii) in Income Tax Rules, 1962

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Union of India - Subsection

Section 3(7)(vii) in Income Tax Rules, 1962

(vii)The value of benefit to the employee resulting from the use by the employee or any member of his household of any movable asset (other than assets already specified in this rule and other than laptops and computers) belonging to the employer or hired by him shall be determined at 10 per cent per annum of the actual cost of such asset or the amount of rent or charge paid or payable by the employer, as the case may be, as reduced by the amount, if any, paid or recovered from the employee for such use.

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Union of India - Subsection

Section 3(7)(vii) in Income Tax Rules, 1962