The income tax department has changed this rule, now the salary of lakhs of employees will increase!

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The Income Tax Department has given huge relief to lakhs of salaried taxpayers and employees. The Central Board of Direct Taxes (CBDT) has issued notifications regarding some changes in the rules related to rent free homes. After the implementation of the new rule, the take home salary of the employees will increase. In a notification issued yesterday, the CBDT said regarding the rent free homes provided to employees that the new changes will be implemented from next month.

The valuation will change after the implementation of the rules

Except for Central and State Government employees in cases where they are provided with incomplete accommodation. Their ownership rests with the employer. The valuation will change after the implementation of the rules. 10 percent of salary in cities with a population of more than 40 lakhs as per 2011 census. Earlier, it was 15 percent of the salary in cities with a population of 25 lakh as per the 2001 census. In cities with a population of less than 40 lakhs to more than 15 lakhs, it was 7.5 per cent of the salary. Earlier it was 10 percent in cities with a population of 10 to 25 lakh, based on the 2001 population. The in-hand pay of the employees will increase based on this new evaluation.

How will employees get benefits?

Now let's understand this in simple language how employees can benefit from this change. Suppose the employee lives in a house provided by the employer. The calculation for the same will now be done under the new formula. Because the rate has been reduced. That is, there will be less deduction from the total salary, due to which the in-hand salary of the employees will increase every month. Experts say that after the implementation of the new rule, on the one hand, there will be savings for the employees, on the other hand, the income of the government may decrease. This will benefit higher income workers, who get more expensive housing.

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