Creating a rent free accommodation setup

Select the “Perquisite Setup” hyperlink from the left pane.

The “Perquisite Setup” page appears.

Ensure that you have selected the “Accommodation type” option from the “Perquisite Type” drop-down list box.
Select the “Create Accommodation Types” hyperlink from the bottom of the page.

The “Rent Free Accommodation Setup” page appears. The system displays the following details.

Company Tax Setup Unit	The company tax setup unit selected in the previous page.
Date format	The date format applicable to the login user. Tell me more
Tax Year	The tax year for which the accommodation type is applicable. The tax year selected in the previous page appears.
Company	The name of the company.

It also displays system defined 14 types of accommodation types in the multiline.

You can also create a new accommodation type for computing its value.

To default from a tax year

Use this option to indicate that all the accommodation types defined for an earlier tax year are also applicable to the current tax year.

Default From Tax Year

Specify the tax year to indicate that all the accommodation types defined in the tax year are also applicable to the current tax year The drop-down list box lists all the tax years defined in the “Create Tax Year” activity and whose status is “Active”.

The system retrieves all the defined accommodation types for the selected tax year in the multiline.

Note that on the launch of the page, the system displays system defined 14 types of accommodation types. You can modify them or create a new accommodation type for computing its value.

To create a new accommodation type

Enter the following details in the multiline.

Accommodation Code	A unique code to identify the accommodation type.
Accommodation Description	The description of the accommodation type.
Accommodation Long Description	A brief description of the accommodation type.
Ownership	By default, the system displays with a blank value. From the drop-down list box select “Owned”, “Government Quarters”. “Leased/Rental”, or “Hotel Accommodation” to indicate the ownership of the accommodation.
Nature of Accommodation	Indicate the nature of the accommodation as “Furnished” or “Not Furnished”.
Furnishing Details	Indicate the nature of the furnishing details by selecting “Owned”. or “Hire/Rental”.
Location Details	From the drop-down list box select. “Population Greater than four lakhs” or “Population Less than four lakhs” to indicate the location of the accommodation.
% of Salary	The percentage of salary that is charged as the value of the perquisite.
% of Furniture Cost	The percentage of the furniture cost that is charged as the value of the perquisite.
Recovery Pay Element	The pay element through which the amount is recovered For example, if the company recovers some value for the accommodation provided.
	Help available
Inactive	Set the status to “NO” to indicate that the record is available for use and “Yes” for otherwise.

6 Hyperlinked topics below

Page objective

You can use this page to create a rent-free accommodation perquisite.