Section 194R: Tax Deductible on Perquisite or Benefit in Business

Section 194R of the Income Tax Act, 1961 was introduced in the Union Budget 2022 to curb tax evasion related to income received in the form of non-monetary benefits or perks from a business or profession. This section applies to any resident person who receives any gift, perquisite, incentive, or any other financial or non-financial benefit from a business or profession in cash or kind or partially in cash and partially in kind, and the value of such benefits exceeds u20b920,000 to one beneficiary during the financial year.

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Section 194R: Tax Deductible on Perquisite or Benefit in Business

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