Section 194R- Tax on Gifts & Perquisites

Last updated: 14 March 2022
Quick Summary
This document explains Section 194R of the Income Tax Act, which mandates TDS (Tax Deducted at Source) on benefits and perquisites provided in the course of business or profession. It clarifies that TDS is applicable at 10% on the value of such benefits, whether in cash or kind, and outlines the responsibilities of the benefit provider. The document also details key points like the TDS rate, handling of payments in kind, and specific non-applicability conditions, including a threshold of Rs. 20,000 and exclusions for non-residents or businesses with low turnover. This information is crucial for businesses and professionals to ensure compliance with tax regulations.

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Submitted by · Posted 14 March 2022 · Other files by Pooja Prasad · Report
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