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of <h1>New Section 194R: 10% TDS on Business Benefits Over Rs. 20,000 Annually to Boost Tax Compliance from July 2022.</h1> The Finance Bill 2022 introduces a new section, 194R, to address tax deduction at source (TDS) on business or professional benefits. Under this section, any person providing a benefit or perquisite to a resident must ensure a 10% TDS on its value before provision. This applies to benefits in cash or kind, with exceptions for amounts below twenty thousand rupees annually and for individuals or Hindu undivided families with turnover below specified thresholds. The amendment aims to enhance tax compliance and will be effective from July 1, 2022.
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