Finance Ministry to clarify doubts on applicability of TDS on perks received in business, profession

Tax Deduction at Source

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May 19, 2022

The finance ministry will clarify doubts on the applicability of new TDS provision regarding benefits or perquisites received in a business or profession, a senior tax official said on Wednesday. Joint Secretary in the finance ministry Kamlesh C Varshney said that such benefits and perquisites are income and were always taxable whether received in cash or kind. The Budget 2022-23 brought in the provision of tax deducted at source (TDS) on such income to check tax revenue leakage.

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