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Monday, August 21, 2023

Income tax gave a big relief to the working people.

Income tax gave a big relief to the working people, now more salary will be in hand, the new rule will be applicable from September 1








Rent-Free Accommodation: The Income Tax Department has changed the rules for determining the value of rent-free accommodation provided by companies to employees.



   The Income Tax Department has made a big announcement for the employed people. The ID Department has changed the rules related to Rent-Free Accommodation. The Income Tax Department has changed the rules for determining the value of rent-free houses provided by companies to employees. Along with this, the employees who get good salary and live in rent-free house provided by the employer company will now be able to save more and they will be able to take more cash as salary.


The rule will be applicable from September 1


The Central Board of Direct Taxes (CBDT) has revised the Income Tax Rules. This rule will come into effect from September 1. According to the notification, where only house (unfurnished) is provided to employees other than Central or State Government employees and it is owned by the employer, the valuation will be – 10 percent (down from 15 percent) of wages in cities with a population of more than 40 lakhs as per 2011 census. Earlier this rule was for population above 25 lakh as per 2001 census.


These employees will benefit

Amit Maheshwari, AKM Global Tax Partner, said, "Employees who are receiving adequate wages and taking home from the employer will be able to save more as their tax is now going to be reduced on the basis of the revised rates with the revised rates."


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Gaurav Mohan, Chief Executive Officer (CEO) of AMRG & Associates said, "This provision incorporates the 2011 Census data and aims to rationalize the calculation of realized value. Mohan said the taxable salary of employees availing of the rent-free home would be reduced, which would increase the net take home salary.


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