Section 194R of the Income Tax Act was introduced vide the Finance Act, 2022 with the objective of taxing perquisites and benefits arising in the course of business or profession. While the Central Board of Direct Taxes (CBDT) issued clarificatory guidelines earlier in June this year, the new provisions have continued to present challenges to the industry. Following multiple representations on these issues, the CBDT recently issued additional guidelines vide Circular No. 18/ 2022 on September 13, 2022, which has received mixed feedback from the industry.
USISPF in collaboration with knowledge partners KPMG organized a short briefing to discuss the clarifications addressed in the Circular. The briefing was led by CA Naveen Gupta and was followed by a brief Q&A session to discuss new/ continuing challenges. For further details, please contact Anikha Ashraf at firstname.lastname@example.org.