Withholding Tax in India and the 2021 Finance Act: A Brief Primer

From July 1, 2022, a new withholding tax provision is applicable on benefits or perquisites arising to a resident from business or profession. The new provision, introduced by The Finance Act, 2022, requires a person providing a benefit or a perquisite arising from a business or a profession, to withhold tax at 10 percent of the value of such benefit – which could also be partly or wholly…