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New income tax rules for these salaried taxpayers from today. Details here

by TLAteam September 1, 2023September 1, 2023
written by TLAteam September 1, 2023September 1, 2023
New income tax rules for these salaried taxpayers from today. Details here

The income tax department has announced major relief to taxpayers, availing company-provided rent-free homes. It has lowered the tax for employees staying in such accommodations. The new rule comes into effect from today, September 1, 2023.

Income tax rules for company-provided rent-free homes

1)10 percent of salary in cities having a population exceeding 40 lakh as per the 2011 census.

2)7.5 percent of salary in cities having a population exceeding 15 lakh but not exceeding 40 lakh as per the 2011 census.

What is perquisite?
The value of rent-free provided to an employee by the employer is taxable as perquisite.

How new income tax rules will impact the Employee?
The taxable value of rent-free accommodation will be reduced which means employees will pay less tax resulting in an increase in their take-home salary.

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