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

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

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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