Salaried Employees With Company’s Rent-free Accommodation To Get Tax Relief
1 year, 3 months ago

Salaried Employees With Company’s Rent-free Accommodation To Get Tax Relief

News 18  

There is good news for salaried individuals. According to the new rules, employees who have been given rent-free accommodation by their company will get a deduction in the taxable value of rent-free accommodation, increasing their in-hand salaries. The new rules suggest that in the urban areas where the population is more than 40 lakhs according to the 2011 census, the HRA will be 10 percent of the entire salary. The Finance Act of 2023, had brought in an amendment for the purposes of calculation of ‘perquisite’ with regard to the value of rent-free or concessional accommodation provided to an employee, by his employer. Amit Maheshwari, Tax Partners at AKM Global said, “Employees who are drawing adequate wages and living in employer-provided accommodation will now be able to save more as their taxable base is going to reduce with the revised rates.

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Employees can save on rent-free accommodation
1 year, 4 months ago

Employees can save on rent-free accommodation

Deccan Chronicle  

New Delhi: Employees, who avail rent-free or concessional accommodation provided by employers, can now save more money as the income tax department has revised norms for valuing this perquisite. Earlier, the Finance Act 2023 had brought in an amendment for the purposes of calculation of 'perquisite' with regard to the value of rent-free or concessional accommodation provided to an employee …

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