• Fri. Nov 22nd, 2024

Additional Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961

Byadmin

Sep 14, 2022 #CBDT

New Delhi, Dated 13th September, 2022

Finance Act 2022 inserted a new section 194R in the Income-tax Act, 1961 (hereinafter
referred to as “the Act”) with effect from 1st July 2022.

  1. 2. The new section mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax at source @ 1 0% of the value or aggregate of value of such benefit or perquisite, before providing such benefit or perquisite. The benefit or perquisite mayor may not be convertible into money but should arise either from carrying out of business, or from exercising a profession, by such resident.

3. This deduction is not required to be made, if the value or aggregate of value of the benefit or perquisite provided or likely to be provided to the resident during the financial year does not exceed twenty thousand rupees.

To Read More….
Click the link below….

Circular : https://www.dropbox.com/s/mu4achr9bvofctj/Guidelines%20for%20removal%20of%20difficulties%20under%20sub-section%20%282%29%20of%20section%20194R%20of%20the%20Income-tax%20Act%2C%201961.pdf?dl=0

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *