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of <h1>Finance Bill 2020 updates salary tax rules for start-ups, mandates tax on perquisites within 14 days under section 192.</h1> Clause 73 of the Finance Bill, 2020, amends section 192 of the Income-tax Act concerning salary taxation. It introduces sub-section (1C), requiring eligible start-ups, as defined in section 80-IAC, to deduct or pay tax on specific perquisites within fourteen days of the earliest of three events: forty-eight months after the relevant assessment year ends, the sale of specified securities or sweat equity shares, or the employee's termination. This amendment applies to assessment years starting on or after April 1, 2021, and takes effect from April 1, 2020.
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