WAIVER OF LOAN AS A BENEFIT OR PERQUISITE UNDER THE INCOME TAX ACT: OLD DEBATE IN A NEW FORM
[Kumar Aditya is a third-year B.B.A, LL.B (Hons.) student at Chanakya National Law University, Patna] A new section 194R has been inserted in the Income Tax Act 1961, by the Finance Act of 2022. The section provides that any person responsible for providing any benefit or perquisite to a resident, is required to deduct tax at the source (TDS) at a rate of 10% if the total value of such benefit/perquisite exceeds INR 20,000 within a financial year. Further, it states that the