New TDS u/s 194R applicable from 1/7/2022. It is payable on any incentive given in kind.
Finance Act 2022 inserted a new section 194R in the Income-tax Act, 1961 with effect from 1st July 2022. The new section mandates a person providing any benefit or perquisite to another person for their business/profession, to deduct tax at source @ 10% of the aggregate of value of such benefit or perquisite. The benefit or perquisite may be in cash or kind. This Section will have a huge impact on social media influencers and doctors.
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