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Nov 5, 2024 · As the name suggests, rent-free accommodation is a residential arrangement allotted to an employee against zero (rent-free accommodation) or minimal rent (concessional rate accommodation). An employer offers this perquisite to certain employees.
Aug 21, 2023 · What is rent-free accommodation? When an employer provides a residential accommodation free of rent (or at concessional rent) to his employees, the value of such benefit extended to an employee is taxable as perquisite.
Oct 29, 2023 · When an employer provides a residential accommodation free of rent or at concessional rent to his employees, the value of this benefit is taxable as a perquisite. Here, ‘Accommodation’ includes a house, flat, farmhouse, accommodation in a hotel, motel, service apartment, guest house, caravan, mobile home, ship, or other floating structure.
Aug 18, 2023 · Analysis: The Finance Act of 2023 incorporated amendments for the calculation of perquisites concerning the value of rent-free or concessional accommodation provided by employers to employees. As a result, the CBDT has modified Rule 3 of the Income Tax Rules, 1962, to accommodate these changes.
Oct 24, 2024 · Learn how to compute the perquisite value of rent-free accommodation under Section 17 of the Income Tax Act, including recent rule changes and effective dates.
Jun 26, 2024 · Rent-free accommodation is a prerequisite benefit provided by companies, and it is taxable under the heading of income 'Salaries', according to the IT Act. Read more about the meaning and taxability of rent-free accommodation. Contents. What is Rent-Free Accommodation (RFA)? Types of Rent-Free Accommodation. Rent-Free Accommodation Taxability.
Aug 17, 2023 · Rent Free Accommodation and Income Tax: Key Insights. According to the provisions of the Income Tax Act, the issue of employees receiving rent-free accommodation (RFA) from their employers is significant due to the associated tax implications.
