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Understanding Section 194R TDS: Learn about the tax implications of receiving benefits or perquisites in business or profession.
From 1st July, 2022, Section 194R will be applicable which states deduction of tax on benefit or perquisite in respect of business or profession i.e. TDS on benefit or perquisites given. It is a general practice in many industries to gift cars, luxurious trips, laptops, mobile etc. as a gift for achieving targets or as […]
Explore the ITAT Chandigarh ruling in Classic Binding Industries vs. DCIT case. Victory for the assessee on 80-IC deduction for exchange rate fluctuation and substantial expansion.
Explore the ITAT Pune ruling in Karandikar Enterprises vs. ACIT case. Victory for the assessee on the treatment of entertainment tax subsidy as a capital receipt, with detailed analysis.
Explore the ITAT Bangalore ruling in ACIT vs. Davangere District Central Co-operative Bank Ltd regarding the deletion of interest addition on non-performing assets (NPA).
Explore the ITAT Ahmedabad decision in Texmat Agencies Pvt. Ltd. vs. ITO regarding the upheld penalty for the assessee bogus short-term capital loss claim.
Explore the details of the ITAT Chennai decision in Indian Overseas Bank vs. JCIT, quashing the reassessment on interest income and addressing the deduction under section 80M.
Dive into Smt. Rani appeal against the addition of Rs. 611,000 as unexplained cash deposit. Detailed analysis of the ITAT Amritsar order and its implications.
The Finance Act, 2022 had inserted a new section 194R to the Income Tax Act, 1961 providing for deduction of tax at source (TDS) @ 10% on the benefit or perquisite paid to a resident businessman or professional arising from its business or profession, and the provision of this section is applicable from 1st July, 2022.
ITAT held that if the amounts advanced are for business transactions between the parties, such payment would not fall within the deeming dividend under Section 2(22)(e) of the Act.
