According to Finance Act, of 2022 established Section 194R which involves the deduction of tax on perquisites or benefits linked with businesses or professions.
Finance minister Nirmala Sitharaman recommended the inclusion of section 194K in the Finance Act in the financial year 2020.
As per Finance Act 2021, a new section 194P is introduced which offered situations for exempting senior citizens from Income Tax returns filing aged 75 years and above.
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