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of <h1>CBDT Updates Rule 2A: New Exemption Limits for Rent Allowances in Major Cities and Other Locations for FY 1986-87.</h1> The circular issued by the Central Board of Direct Taxes addresses the amendment to Rule 2A of the Income-tax Rules, 1962, regarding the exemption limits for special allowances related to rent expenses for the financial year 1986-87. The amendment specifies that the exemption will be the least of the actual allowance received, the rent paid exceeding one-tenth of the salary, or a percentage of the salary (50% for major cities and 40% for other locations). The circular instructs all state governments and relevant authorities to inform disbursing officers and state undertakings about these changes.
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