A new rule is in effect for the country’s millions of employed workers starting today. The salaried class’s in-hand pay will rise following this rule’s adoption. Yes, the Income Tax Department employees have received this assistance. The Income Tax Department had recently modified the Rent-Free Accommodation Rule.
Income Tax – Employees’ take-home pay will rise.
Actually, the Rent-Free Home provided to the Employees is now valued according to a new guideline made by the Income Tax Department. Employees who earn more money and reside in residences given by their employers rent-free will be able to save more money. He will earn more money as a result. The new regulation went into force on September 1st, according to the Central Board of Direct Taxes (CBDT).
What was written in the alert?
Only housing (unfurnished) is provided to employees who are not Central or State Government employees, and if such a house belongs to the employer, the assessment will be 10 percent (less than 15 percent) of the employee’s salary in cities with a population greater 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 – How can I save more money?
The new law states that 7.5% (less than 10%) of the pay is taxed in cities with a population of more than 15 lakh but less than 40 lakh as of the 2011 census. Prior to 2001, the population was not more than 10 lakh, but rather more than 25 lakh. Amit Maheshwari, an AKM Global Tax Partner, previously stated that employees who receive housing benefits from their jobs in addition to a sufficient wage will now be able to save more. In actuality, their taxable base will decrease due to the revised rate.
The 2011 census statistics have been incorporated into these modifications by the government. This will lower the taxable salary of workers who benefit from rent-free housing. The employees’ take-home pay will rise as a result.
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