Section 194R of Income Tax Act | Academy Tax4wealth

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What Is Section 194R of Income Tax Act, 1961
Section 194R of the Finance Bill 2022 has
proposed to add Section 194R in the Income Tax
Act, 1961. According to the memorandum with an
explanation of the guidelines of the Finance
Bill, the aforesaid amendment will come into
force from 1 July 2022. However, the said section
has been added from 1 April 2022.
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Analysis of Section 194

•  It is being done with an objective to earn
  incentives and motivate the team for business
  growth. The following are some of the common
  examples of benefits and perquisites
• Gift Card and Gift Vouchers
• Gold Coins under Incentive Scheme
• Phones
• Vehicles  
• Business Asset Usage Service
• Travel Packages

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