| Notification Detail :
Sub: Additional Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961.
Finance Act 2022 inserted a new section 194R in the Income-tax Act, 1961 (hereinafter referred to as "the Act") with effect from 1 st July 2022.
2. The new section mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax at source @ 1 0% of the value or aggregate of value of such benefit or perquisite, before providing such benefit or perquisite. The benefit or perquisite mayor may not be convertible into money but should arise either from carrying out of business, or from exercising a profession, by such resident.
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