Dear All, We wish to inform you about a recent order passed by the Mumbai High Court concerning the taxation of perquisites related to subsidized accommodation facilities. Unfortunately, the court has ruled against us. Consequently, TDS will now be applicable on the value of rent-free or concessional accommodation provided by the Bank. We understand that this outcome is disappointing. Please be assured that we are actively exploring all available options, including the possibility of filing an appeal. *This legal battle, which began in 1996, has successfully safeguarded our officers from tax liabilities over the years. A final decision in this matter will be made after thorough consultation with our apex parent body, AIBOC*. Regards, Nilesh Pawar General Secretary, FBOIOA