Rule 16: Sale or purchase by any person, of goods or services of

Bare law

Rule 16 - Sale or purchase by any person, of goods or services of

16. (1) For the purposes of section 17(1)(i), annual accretion by way of interest, dividend or any other amount of similar nature during the tax year (herein referred to as the current tax year) to the balance of the credit of the fund or scheme referred to in section 17(1)(h), shall be the amount or aggregate of amounts computed in accordance with the following formula:— TP = (PC/2) × R + (PC1 + TP1) × R Where,— TP = Taxable perquisite under section 17(1)(i) for the current tax year; TP1 = aggr

Salary income for purposes of section 17(1)(c)(ii).

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