This year’s Union budget proposed a new TDS, or tax deducted at source, obligation through section 194R of the Income-tax (I-T) Act 1961, with effect from 1 July. This section requires deducting tax ...

MUMBAI: The Budget has amended certain sections of the Income Tax (I-T) Act to ensure that any cash benefit or perquisite will be taxable as ‘business income’ under section 28 and will also attract ...

A new TDS provision introduced under section 194R will come into effect from July 1. This will cover freebies from companies and free medical samples which are given to doctors and gifts to ...

The concept of perquisite is not new, especially for people earning income from salaries. However, recently the meaning of the term ‘perquisite’ is being re-examined in light of Section 194R of the ...

Finance Act 2022 inserted a new section 194R in the Income-tax Act, 1961 with effect from 1 st July 2022. The new section mandates a person providing any benefit or perquisite to another person for ...

The CBDT has introduced some new provisions in order to keep a check on tax revenue leakage. Section 194R, added to Finance Act 2022, states that TDS is applicable if an individual, doctor or a social ...

The finance ministry will clarify doubts on the applicability of new TDS provision regarding benefits or perquisites received in a business or profession, a senior tax official said on Wednesday.

The Central Board of Direct Taxes (CBDT) on Thursday issued detailed guidelines on the applicability of the new tax deducted at source (TDS) provisions that come into effect on July 1. Under the ...