Quick Summary
The Income tax (Eighteenth Amendment), Rules, 2023 was notified by the Central Board of Direct Taxes (CBDT) on August 18, 2023. These rules amend the Income-tax Rules, 1962, with effect from September 1, 2023. The main amendment made by these rules is to the definition of perquisite in section 17
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FAQ :
The main change is the expansion of the definition of 'perquisite' to include the value of rent-free or concessional accommodation provided to employees by their employers.
These rules come into effect from September 1, 2023.
The value will be determined based on the annual value of the accommodation, the cost of furniture, its location, the number of rooms, and the amenities provided.
If the furniture is hired from a third party, the actual hire charges payable will be used to determine the value of the perquisite.
Yes, exemptions include accommodation provided by Central or State Governments, foreign governments, or charitable and religious organisations.
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