Rent-Free Accommodation: The Income Tax Department has changed the rules related to rent-free accommodation given by the company to its employees. With this, the employees will now be able to save more.
New Delhi. If you are a working professional then there is good news for you. In fact, the Income Tax Department has given relief to the people by making major changes in the rules related to rent free accommodation. The rules of Rent-Free Accommodation given to the employees by the company have been changed.
The Central Board of Direct Taxes (CBDT) has issued a notification regarding this. After the change of rules, the employees will now be able to save more. The in hand salary of employees will increase. Changes in the rules related to rent-free accommodation have come into effect from 1 September.
Calculation will be done under the new formula
To put the new rules in simple language, if an employee is living in a house provided by the company, then the calculation for that will now be done under the new formula.
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