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TMI BlogCBDT notifies Rule for determination of value of perquisite in respect of residential accommodation provided by employerX X X X Extracts X X X X X X X X Extracts X X X X ..... CBDT notifies Rule for determination of value of perquisite in respect of residential accommodation provided by employer X X X X Extracts X X X X X X X X Extracts X X X X ..... ought 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. Accordingly, CBDT ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s modified Rule 3 of the Income-tax Rules, 1962 to provide for the same. The categorisation and the limits of cities and population have now been based on the 2011 census as against the 2001 census e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arlier. The revised limits of population are 40 lakh in place of 25 lakh and 15 lakh in place of 10 lakh. The earlier perquisite rates of 15%, 10% and 7.5% of the salary have now been reduced to 10%, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7.5% and 5% of the salary respectively in the amended Rule. This is summarised as under: Previous Categorisation and Rates New Categorisation and Rates Population Perquisite Rate Population Perq ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uisite Rate More than 25 lakh 15% More than 40 lakh 10% Between 10 lakh and 25 lakh 10% Between 15 lakh and 40 lakh 7.5% Less than 10 lakh 7.5% Less than 15 lakh 5% The Rule has also been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further rationalised so as to compute a fair tax implication of the same accommodation being occupied by an employee for more than one previous year. Notification No. 65/2023 dated 18th August, 2023 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been published and is available at https://egazette.nic.in. X X X X Extracts X X X X X X X X Extracts X X X X
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