of 17benchmark instead of the actual interest rate charged by the bank from a customer on a loan. 4. Sections 15 to 17 of the Act relate to income tax chargeable on salaries.  Section 15 stipulates incomes that are chargeable to income tax as ‘salaries’.  Section 16 prescribes deductions allowable under ‘salaries’.  Section 17 defines the expressions ‘salary’, ‘perquisites’ and ‘profits in lieu of salary’ for Sections 15 and 16. 5. Section 17(1) includes in the definition of ‘salary’: wages, annuity or pension, gratuity, fee, commission, perquisites, or profits in lieu of or in addition to salary or wages, advance of salary, payments received by an employee in respect of leave not availed, annual accretion to the balance at the credit of the employee participating in a recognised provident fund, etc. 6. Section 17(2) relates to ‘perquisites’ and reads:8 “(2) “Perquisite” includes— (i) the value of rent-free accommodation provided to the assessee by his employer computed in such