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of <h1>Income Tax Bill 2025 Overhauls Perquisites, Standardizes Employer Contributions, and Simplifies Accommodation Rules Under New Framework</h1> The Income Tax Bill, 2025 introduces significant changes to the taxation of perquisites compared to the Income Tax Act, 1961. It aims to modernize and simplify the structure, language, and categorization of perquisites. Key changes include consolidating accommodation-related provisions, removing detailed computation methods, and eliminating specific clauses on furnished and hotel accommodations. It streamlines benefits for directors and employees by removing monetary thresholds and standardizing employer contributions to Rs. 7.5 lakhs. Exemptions for medical benefits are retained with a focus on employer-maintained and government hospitals. The Bill emphasizes simplification, standardization, and clarity for both employers and employees.
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