Thursday, July 25, 2024

In-hand salary of people to increase after Income Tax made this new rule!

The Income Tax Department has greatly relieved you if you are also employed. For the salaried class, the income tax department has made a significant pronouncement. Yes, the Rent-Free Accommodation rules have been modified by the Income Tax Department. The rules for valuing the Rent-Free Homes provided by the Company to the Employees have altered due to income tax. With this, the employees living in employer-provided rent-free homes and receiving higher salaries will now be able to save more and receive higher pay.

Income Tax

The 2011 census will be used for valuation.

The income tax regulations have been modified by the Central Board of Direct Taxes (CBDT). The new regulation will take effect on September 1st. The notification states that if only unfurnished housing is offered to employees who are not central or state government employees and that housing is owned by the employer, the valuation will be 10 percent of the salary (less than 15 percent) in cities with a population of more than 40 lakhs as of the 2011 census. Prior to this rule, populations of more than 25 lakh as of the 2001 Census were covered.

Income Tax

After the new rule, employees will be able to save more.

According to the 2011 census, 7.5 percent (less than 10 percent) of the wage is paid in cities with a population of more than 15 lakh but fewer than 40 lakh people. As of the 2001 Census, it was previously more than 10 lakh but not more than 25 lakh. Amit Maheshwari, an AKM Global Tax Partner, stated that employees who receive sufficient pay and housing benefits from their employer will be able to save more because their taxable base will now be smaller due to the new rates.

Income Tax

The 2011 census data,

according to AMRG & Associates CEO Gaurav Mohan, has been incorporated into these rules. Its goal is to make the Perquisite Value Calculation more logical. According to Mohan, employees who benefit from rent-free housing will have their taxable salaries reduced, increasing their take-home pay.

Read More: Government to give 1 crore to people as a reward to reduce GST evasion

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