Sec. 194R – FIR – First Information Report – TDS on Benefits or Perquisites under Income Tax Act, 1961

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A new section called 194R is being introduced under Income Tax Act. It is applicable from 01.07.2022. It is TDS i.e. tax deducted at source. The new section is introduced with a view to plug & detect the leakages of Tax Revenues arising on account of Benefits or Perquisites provided in the ordinary course of business or profession under the Act. This new section is certainly brought in to increase the tax base under the Act.

194R is applicable on benefits or perquisites provided by a taxpayer in excess of Rs.20,000/- in previous financial year. A provider of the benefit has to deduct tax under 194R @ 10% if PAN of the recipient is available and 20% in absence of PAN. The TDS so deducted need to be deposited on or before 7th of subsequent month. And on quarterly basis TDS certificate need to be issued in Form 16A.

Respected Mr. Nitin Bhuta, a practising Chartered Accountant from Mumbai has prepared a detailed presentation on Sec.194R in the form of PPT. He has used simple language and kept the slides very brief so that it is easy for any professional to understand and enrich their knowledge. Please find the PPT in the link below.

Feedback or your concern are welcome for our further improvement. Thanks.

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CA Nitin Bhuta
A Practising Chartered Accountant from Mumbai Mobile Number :9820295319 E-mail: nitin.bhuta@gmail.com
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