The Central Board of Direct Taxes on 18th August, 2023 has issued the Income tax (Eighteenth Amendment), Rules, 2023. The amendment has issued the revised method for calculation of value of residential accommodation provided by the employer to employee for levy of income tax, on following scenarios:
- Residential accommodation provided by government to employees
- Residential accommodation provided by private employers
- Residential accommodation owned by employer
- Residential accommodation provided by employer through lease
- Residential accommodation provided by employer in a hotel
They shall come into force with effect from the 1st day of September, 2023.
