Corrigendum: Income tax (Eighteenth Amendment), Rules, 2023

29-Aug-2023 | G.S.R. 636(E)

Central Board of Direct Taxes (CBDT) has issued a corrigendum to the Income Tax (Eighteenth Amendment) Rules, 2023, which is effective from 29th August 2023. Through this corrigendum, clarification and adjustment has been made to the Income Tax (Eighteenth Amendment) Rules, 2023. Specifically, the value of residential accommodation provided by the employer, as outlined in sub-clauses (i) and (ii) of sub-section (2) of section 17, for the relevant previous year shall be determined based on the guidelines provided in Table I within the amendment rules. Furthermore, the corrigendum introduces a provision for cases where the accommodation is owned, taken on lease, or rented by the employer. In situations where the same accommodation is continuously provided to the same employee for more than one previous year, the amount calculated in accordance with SL. No. 2(a) or 2(b) shall not exceed the amount initially calculated for the first previous year. This calculation is subject to a multiplication factor derived from the ratio of the Cost Inflation Index for the year in which the amount was first calculated to the Cost Inflation Index for the year in which the accommodation was originally provided to the employee. It's important to note that in the Gazette Notification G.S.R. No. 615 (E) dated 18th August 2023, a specific insertion has been made in line 1 of page 6. The words "or taken on lease or rent" have been added after the phrase "Provided also that where the accommodation is owned" and before the words "by the employer and the same accommodation is." This addition serves to provide further clarity and coverage regarding the types of accommodation considered in the calculations.

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Corrigendum: Income tax (Eighteenth Amendment), Rules, 2023

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Corrigendum: Income tax (Eighteenth Amendment), Rules, 2023

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