Mr. Balan is employed in SS Ltd. at Madurai (Population exceeding 25 lakhs as per 2001 census). He is provided with a rent-free accommodation owned by the employer. The percentage of salary to be adopted for the purpose of valuation of perquisite would be:
A. 10%
B. 15%
C. 7.5%
D. 20%
Answer:B
Mr. Balan is employed in SS Ltd. at Madurai (Population exceeding 25 lakhs as per 2001 census). He is provided with a rent-free accommodation owned by the employer. The percentage of salary to be adopted for the purpose of valuation of perquisite would be:
A. 10% B. 15% C. 7.5% D. 20%