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...
Analyze Section 194R of the Income Tax Act, 1961 and its applicability from 01/07/2022. Learn about TDS on benefits or perquisites for different types of assesses.
Understanding Section 194R TDS – Analysis: Learn about the new tax deduction requirement proposed in the Finance Bill 2022 for business and professional benefits exceeding Rs. 20,000.
Uncover the impact of Section 194R on junkets and corporate gifts. Learn how income tax authorities are scrutinizing these expenses.
Understanding Section 194R of the Income Tax Act: Learn about the new TDS provision for benefits and perquisites provided in cash or kind above 20000/-.
All You Wish to Know about New TDS Sections 194R, 194S & Much More The Finance Bill 2022 has proposed two completely new TDS sections, 194R and 194S, in the Income Tax Act, to be made effective from 1.7.2022. Looking at the swift pace, with which the new TDS sections, are being inserted by the […]
Provisions under section 194R of Income Tax Act, 1961 The new TDS u/s 194R on Business Promotion Expenses shall be applicable as follows – In the recent budget 2022 in Income Tax, it is proposed to impose a TDS on business promotion expenditure expended by an organisation. It has far reaching implications even in the […]
Analysis of applicability of section 194R Finance Bill 2022 has proposed to insert Section 194R in the Income Tax Act, 1961 (“Act”). As per the memorandum explaining the provisions in the Finance Bill, this change shall take effect from 1st July 2022, though the section has been inserted from 1st April 2022 itself. In this […]
TDS, as a concept, was introduced under Income-tax Act by the government to collect income at its very source itself rather than waiting for the taxpayers to pay tax. This enables ease of tax collection, tracking, and gathering of information during the year in which transaction is carried instead of waiting for the assessment to be conducted.
In the Finance Bill, 2022, government has inserted a new section in The Income Tax Act, 1961, Section 194R applicable w.e.f 01st July, 2022 with an objective of bringing into a tax, all those benefits or perquisites which a person receives during the course of business or profession but do not discloses the same in […]
This section 194R requires deduction of tax at source @ 10%, by any person, providing any benefit or perquisite, exceeding Rs. 20,000 in value, in a year, to a resident, and such benefit or perquisite arise from the business or profession of such resident.
