ENA Sectors 2023-09-01 17:00:12 <p><span style="font-size:14px"><strong>New Delhi, Sept 1 (KNN)</strong> The income tax department has decreased the tax for employees availing company-provided rent-free homes. </span></p> <p><span style="font-size:14px">Providing major relief to the taxpayers in this category, the new rule comes into effect from today, September 1, 2023.</span></p> <p><span style="font-size:14px">The Income tax rules for company-provided rent-free homes is that 10% of salary in cities having a population exceeding 40 lakh as per the 2011 census.</span></p> <p><span style="font-size:14px"><strong><a href="https://bit.ly/3B9mZSj"><img alt="FOLLOW US on GOOGLE NEWS" src="https://knnindia.co.in//uploads/gallery/GoogleNews.jpg" style="border-style:solid; border-width:1px; height:95px; margin:1px; width:299px" /></a></strong></span></p> <p><span style="font-size:14px">And 7.5% of salary in cities having a population exceeding 15 lakh but not exceeding 40 lakh as per the 2011 census.</span></p> <p><span style="font-size:14px">The perquisite is that the value of rent-free provided to an employee by the employer is taxable as perquisite.</span></p> <p><span style="font-size:14px">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. <em><strong>(KNN Bureau)</strong></em></span></p> 34651 https://knnindia.co.in/news/newsdetails/sectors/it-dept-lowers-tax-for-employees-staying-in-company-provided-rent-free-homes 2023-09-01 17:00:12 knnindia.co.in