Taxpreparation

Finance Act 2022 insettled a new section 194R in the Income-tax Act, 1961 (hereinafter referred to as "the Act") with effect from I" July 2022. The new section mandates a person, who is responsible for providing any benefit or perquisite to a resident, to deduct tax at source @ IO% of the value or aggregate of value of such benefit or perquisite, before provid ing such benefit or perquisite. The benefit or perquisite may or may not be convertible into money but should arise e