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of <h1>Finance Bill 2023 amends Section 194R to clarify tax deduction on benefits in cash, kind, or both.</h1> Clause 86 of the Finance Bill, 2023, amends section 194R of the Income-tax Act, which pertains to the deduction of tax on benefits or perquisites related to business or profession. The amendment introduces Explanation 2 to clarify that sub-section (1) applies to benefits or perquisites provided in cash, kind, or a combination of both. This ensures that a person responsible for providing such benefits to a resident must deduct tax at a rate of ten percent of the value before provision. The amendment is effective from April 1, 2023.
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