In Finance Act 2022, various amendments have been enacted in TDS provisions. The most significant amendment is made by inserting a new Section which mandate to deduct TDS on Benefits or Perquisites provided during the course of business or profession u/s 194R. It will be a challenging compliance for deductor to comply with above section. TDS on benefit and perquisite will be burdensome and cumbersome.

Although the above section shall not be applicable on Individual or HUF having turnover less than prescribed limit or if value of benefit or perquisite provided to a person is less than INR 20,000. Even it is a tedious task to keep track of TDS applicability on benefit and perquisite.

In this write up we have discussed about the provisions and procedural aspects of the above provisions of TDS which will give you insight about these provisions of TDS on benefit and perquisite.

For detailed article on TDS on benefit and perquisites, click here.