The introduction of Section 194R to the Income-tax Act, 1961 by the Finance Act, 2022 has raised many practical challenges. Though the TDS provision is intended to ensure effective compliance of substantive law made in 1964, the wordings of the TDS provisions required businesses to have a complete re-look on the manner in which their affairs were arranged. Certain guidelines were issued by the Central Board of Direct Taxes vide Circular 12 of 2022 dated 16 July 2022 to remove practical difficulties in giving effect to the Section.
A second set of Guidelines have been issued by the CBDT vide Circular No 18 of 2022 dated 13 September, 2022. The new Guidelines seek to address certain practical difficulties brought to the notice of the CBDT, and also recommend certain practical approaches that can be taken by businesses to overcome common challenges faced by many tax payers.
As a sequel to their two earlier lectures, Lakshmikumaran & Sridharan Attorneys (L&S), is organizing a webinar on 15 September 2022 (Thursday) between 3:00 PM - 4:00 PM, for an in-depth understanding of the new Guidelines issued by the CBDT.
The webinar would cover:
Critical analysis of the Guidelines issued by the CBDT,
Interpretational and practical issues resolved by the Guidelines,
Certain new issues arising out of the Guidelines, and
The impact of the amendment on GST in business transactions
S Sriram, Partner, L&S
Asish Philip, Partner, L&S
Neha Sharma, Principal Associate, L&S