Section 194R: TDS on Benefits, Perquisites, Business Gifts



Quick Summary
Section 194R of the Income Tax Act, introduced in 2022, mandates TDS deduction at 10% on benefits or perquisites exceeding £20,000 annually, provided by residents in business or profession. This applies from 1st July 2022, with the £20,000 limit calculated from 1st April 2022. Certain individuals and HUFs with turnover below specified limits are exempt. The section covers benefits in kind and fair market value, though discounts and returned branding goods are excluded.

Table of Contents Introduction Key Issues When TDS under Section 194R is not applicable? Where can the deductee verify the details of TDS deducted under section 194R? Which Form is required to file quarterly TDS return? What informations are included in Form 16A and Form 26Q rega
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