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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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