Guidelines for removal of difficulties under sub-section (2) of section 194R of the Incometax Act

Posted Date : 17-Jun-2022 , 08:48:59 am | Posted By CASANSAAR print

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Finance Act 2022 insetted a new section 194R in the Income-tax Act, 1961 (hereinafter referred to as "the Act") with effect from I" July 2022.

The new section mandates a person, who is responsib le for providing any benefit or perquisite to a resident, to deduct tax at source @ IO% of the value or aggregate of va lue of such benefit or perquisite, before provid ing such benefit or perquisite. The benetit or perquisite may or may not be convertible into money but should arise either from carrying out of busi ness, or from exercising a profession, by such resident.

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