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of <h1>Union Budget 2023-24: New TDS Rules for Business Benefits, Virtual Assets, and Online Gaming Winnings Effective April & July 2023.</h1> The Union Budget 2023-24 and Finance Bill, 2023 introduce amendments to the Tax Deduction at Source (TDS) provisions. Sections 194R and 194S, introduced by the Finance Act, 2022, mandate TDS on business benefits and virtual digital asset transfers, respectively. A new section, 194BA, proposes TDS on net winnings from online games. Amendments to sections 271C and 276B aim to enforce penalties and prosecutions for failure to ensure tax payment on benefits or winnings provided in kind. These amendments are effective from April 1, 2023, and July 1, 2023, for sections 194R, 194S, and 194BA, respectively.
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