Income Tax : The law taxes business/professional benefits via 10% TDS, even for non-cash perks. The key takeaway is tax must be ensured before ...
Income Tax : Understand Section 194R on TDS for benefits or perquisites from business or profession, its applicability, rate, valuation, exempt...
Income Tax : Understand the penalties, interest, and disallowance of expenditure under Section 201 for failure to comply with TDS provisions in...
Goods and Services Tax : Section 194R mandates 10% TDS on benefits over ₹20,000 annually. Learn its impact on accounting, compliance, and the challenges ...
Income Tax : Explore the implications of TDS on expense reimbursements post-Section 194R implementation and understand the invoicing criteria....
Income Tax : Learn about the tax implications on haircuts taken by banks and creditors for companies resolved under the Insolvency and Bankrupt...
Income Tax : ITAT Bangalore held that assets received for testing purpose and there is no specific benefit that arises to the assessee with res...
Income Tax : The Bombay High Court stayed orders treating PCMC as an assessee in default for not deducting TDS on issuance of TDRs, holding tha...
Income Tax : The assessee is a wholly owned subsidiary of Samsung Electronics Company Ltd. The assessee filed the return of income for AY 2015-...
Income Tax : Additional Guidelines for removal of difficulties under section 194R(2) of Income-tax Act, 1961 - Circular No. 18/2022-Income Tax...
Income Tax : AMENDMENT TO RULE 30, 31, 31A AND FORM 26Q, 26QB, 26QC AND 26QD AND INSERTION OF NEW FORM 16E AND 26QE TO INCOME TAX RULES, 1962 V...
Income Tax : CBDT issued Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961 vide Circula...
Tax will now be deducted under section 194R on free sample, foreign trips, gifts. Doctors and others will be affected.
This Article covers a few challenging aspects of Section 194R apart from the ‘HENRY VIII Clause’ approach being adopted by the tax department in the recent years, among others.
Explore the nuances of TDS under Section 194R and Section 194S of the Income Tax Act, 1961, introduced by the Finance Bill 2022. Uncover the implications and requirements for businesses and individuals, covering aspects such as deduction rates, applicable entities, and specific scenarios like benefits, perquisites, and virtual digital asset transfers. Stay informed about the proposed changes and potential challenges.
Understanding Section 194R of the Income Tax Act 1961. Is it double taxation or an entry for fringe benefit tax? Find out the implications for businesses.
Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, is liable w.e.f. 1-7-2022 to deduct TDS U/s 194R @ 10% on the value or aggregate value of such benefit or perquisite.
Understanding Section 194R: TDS on providing benefits or perquisites. Learn who is responsible for deducting TDS and when it applies.
Explore the crux of TDS under Section 194R of the Income Tax Act, 1961. Learn about its applicability, rates, non-applicability, liability, and recent amendments.
Explore the complexities of Section 194R of the Income-Tax Act, 1961, with guidelines from CBDTs circular No.12 of 2022. Learn about TDS provisions, implications for businesses, and potential challenges, questioning the alignment with the Finance Bill 2022. Review real-world scenarios on out-of-pocket expenses and dealer conferences, highlighting concerns and suggesting a need for a comprehensive review by the government. Stay informed about the effective date and potential impact on the Ease of Doing Business.
Understand the impact of Section 194R in the Income Tax Act. Learn about the taxation of benefits/perquisites in business or a profession.
Are you giving Freebies to Dealers/Distributors/ Employees/ Business partners, then from 1 July 2022 you need to deduct TDS under Section 194R
