Update
15 Jul 2022
Update
Tax Updates: June 2022
15 Jul 2022
15 Jul 2022
Guidelines on tax withholding on benefits/perquisites arising from business or profession
Under the newly introduced section 194R of the Income Tax Act, 1961 (IT Act), any person responsible for providing to a resident, any benefit or perquisite arising from a business or the exercise of a profession by such resident, must ensure that tax has been deducted at the rate of 10% of the value of such benefit or perquisite. The benefit or perquisite may or may not be convertible to money. This provision was introduced through the Finance Act, 2022 (FA 2022) and came into effect on 1 July 2022.
On 16 June 2022, the Central Board of Direct Taxes (CBDT) notified guidelines to clarify certain ambiguities surrounding this provision. We have analysed some of the important clarifications below.
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