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of <h1>Section 194R requires 10% TDS on benefits exceeding Rs 20,000 to business professionals with exemptions for smaller entities</h1> Section 194R of the Income Tax Act, 1961 mandates tax deduction at source on benefits or perquisites provided to residents in business or profession. Any person providing such benefits must deduct tax at 10% of the value before providing the benefit. The provision applies when annual benefit value exceeds twenty thousand rupees. Exemptions exist for individuals or Hindu undivided families with business turnover below one crore rupees or professional receipts below fifty lakh rupees in the preceding financial year. The Board may issue binding guidelines with Central Government approval to address implementation difficulties.
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