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of <h1>CBDT Issues Guidelines for Section 194R: 10% TDS on Business Benefits Over INR 20,000 Annually, Effective July 2022.</h1> The circular issued by the Central Board of Direct Taxes provides guidelines for implementing Section 194R of the Income-tax Act, 1961, effective from July 1, 2022. This section mandates a 10% tax deduction at source on benefits or perquisites provided to residents, arising from business or profession, unless the total value is below INR 20,000 annually. Exemptions apply to individuals or Hindu Undivided Families with lower gross receipts. The circular clarifies that tax deductions apply regardless of whether benefits are in cash or kind and outlines specific scenarios, such as discounts and reimbursements, where tax deductions are not required. It also details the valuation process for benefits and the treatment of benefits provided to entities like hospitals.
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