Publish Date: | Fri, 17 Jun 2022 05:29 PM (IST)
TDS Deduction: The Central Board of Direct Taxes has issued new guidelines regarding TDS provision. Such benefits can be in cash, kind or in part, as per the guidelines issued by the department. Among other details, the CBDT said that those who are paying TDS. Those deductors are not required to check the taxation of the recipient. Also the nature of property given as profit or perquisite is not relevant. Apart from this, capital asset comes under the purview of section 194R. This section will apply to sellers offering incentives, other than discounts, in cash or in kind in the form of a car, TV, computer, gold coin, smartphone, travel, free ticket and drug sample.
Will be applicable from 1st July
The new provision will come into effect from 1 July 2022. Earlier the provision of TDS on such income tax source was introduced in the budget 2022-23 to check leakage of tax revenue. A new section has been introduced in the IT Act 194R in the Budget 2022-23. In which tax is required to be deducted at source at the rate of 10% by any person. Further, CBDT clarified that section 194R would be applicable on distribution of free sample in a hospital. As an employer, the hospital may treat such samples as a taxable perquisite for the employees.
What is TDS?
This is a type of deduction at source. The organization deducts some amount as tax, which is called TDS, before paying the salary to its employees. However, TDS is not deducted for all job professions. In the TDS system, the paying company deducts the tax before paying the salary. After this the remaining amount is given to the employee as salary.
Check TDS online like this
1. First of all, go to and select the option of Register.
2. Enter the details based on the details entered in the PAN card and generate the password.
3. Login to the account using User ID and Password.
4. After login, the option of View Tax Credit Statement (26AS) will appear, click on it.
5. Now you will reach another website TRACES.
6. Here you will get every information related to TDS.
Posted By: Shailendra Kumar