The Finance Bill, 2022 proposed on Tuesday has inserted a new provision imposing deduction of 10% TDS on the amount of perquisites provided to an employee exceeding Rs. 25,000 from 1st July 2022. As per

The Central Board of Direct Taxes (CBDT) has clarified that one-time settlement of bank loans would not attract tax under section 194R of the Income Tax Act, 1961. The new section mandates a person, who

In view of the recent amendments to impose TDS on the perquisites of businessmen and professionals and the virtual digital assets (VDAs), the Central Board of Direct Taxes (CBDT) has notified the revised/new returns. These

While presenting the Union Budget 2023, the Finance Minister Nirmala Sitharaman has clarified that the Finance Act, 2023 shall include an explanation clarifying that the cash perquisites shall be subject to tax under section 28

The Central Board of Direct Taxes (CBDT), in a circular issued on 7th December, has clarified that  the value of any medical treatment provided to an employee or any member of his family in any

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) in the case of M/s. TCG Lifesciences Pvt. Ltd v. Income Tax Officer, held that the reimbursement of car running and maintenance charges

The Central Board of Direct Taxes (CBDT) has issued revised guidelines on the issue of TDS on perquisites under section 194R of the Income Tax Act, 1961. The Budget brought in a new section, 194R

The Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench, has recently, while deciding an appeal filed before it, held that the value of shares determined by merchant banker shall be taken for the computation

The Income Tax Appellate Tribunal (ITAT) Bangalore bench held that no Tax Deduction at source (TDS) shall be done in respect of the perquisite value of unfurnished accommodation provided by Employee Provident Fund Organisation (EPFO)

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that no penalty can be levied on the assessee if delay in furnishing the TDS/ TCS statement was due to failure on the part of

The Delhi bench of Income Tax Appellate Tribunal (ITAT) held that the direction by Commissioner of Income Tax (Appeals) [CIT(A)] to take appropriate action on tax perquisites under Section 17 of the Income Tax Act,

The Central Board of Direct Taxes (CBDT) has explained broad scheme of Tax deduction at Source (TDS) from of persons who is responsible for paying any income chargeable under the head "Salaries" The income-tax is

1st July 2022 was a significant day for the taxpayers as some new important changes have been made in the Income Tax Act, 1961 which may affect the taxpayer’s life significantly. Non-linking of PAN-Aadhaar The

The Delhi High Court on today delivered a judgment, held that Payments in the nature of salary, allowance, perquisites etc., made to the expatriate employees from the head office of the Company situated overseas can be

A perquisite is a non-cash benefit granted by an employer to the employee. Under the Income Tax Act, 1961, a perquisite is defined as a benefit which an employee avails of or is entitled to on