CBDT Notifies Corrigendum To Include Leased Or Rented House For Valuing Rent-Free Accommodation Perquisite Provided By Employers
Mariya Paliwala
30 Aug 2023 2:15 PM GMT
The Central Board of Direct Taxes (CBDT) has notified the corrigendum to Notification No. 65/2023 dated August 18, 2023, that notified amendments to the Income Tax Rules for valuing perquisites of rent-free or concessional accommodation by employers to employees.The corrigendum sought to insert the words “or taken on lease or rent” after the words “Provided also that where the...
The Central Board of Direct Taxes (CBDT) has notified the corrigendum to Notification No. 65/2023 dated August 18, 2023, that notified amendments to the Income Tax Rules for valuing perquisites of rent-free or concessional accommodation by employers to employees.
The corrigendum sought to insert the words “or taken on lease or rent” after the words “Provided also that where the accommodation is owned” and before the words “by the employer and the same accommodation is”.
Top management professionals and other high-paid employees will receive benefits that are larger because these perks are frequently higher in their pay structures, not just in terms of value but also as a percentage of total compensation. Beginning on September 1, the Income Tax Rules will be updated in this way.
Notification No. 72/2023
Date: 29/08/2023
Click Here To Read Notification
