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of <h1>Section 194R: 10% Tax Deduction on Business Benefits Over INR 20,000, Effective July 2022, With Specific Exemptions</h1> Section 194R, effective from July 1, 2022, mandates a 10% tax deduction on benefits or perquisites provided to residents from business or professional activities. This applies regardless of whether the benefit is convertible into money. If the benefit is wholly in kind or partially in cash and insufficient to cover the tax, the provider must ensure tax payment before release. Exemptions include benefits under INR 20,000 annually or individuals and Hindu undivided families with business turnover under INR 1 crore or professional receipts under INR 50 lakh in the preceding financial year.
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