You must develop new ideas to stay ahead in the fast-paced business world where customer trust is highly valued. In this quest, Rewardix‘s 194-R stands out as a beacon of change that changes how reward program software is made.
This blog post talks about the many uses of 194-R and how it changes customer loyalty programs, making a strong case for using it to connect customers.
What is 194-R Compliance
Finance Act 2022 insetted a new section 194-R in the Income-tax Act, 1961 with effect from 1″ July 2022 , any person responsible for providing to a resident, any benefit or perquisite, shall ensure that tax has been deducted in respect of such benefit or perquisite at the rate of 10% of the value or aggregate of value of such benefit or perquisite in case of pan card is registered and 20% in case on pan is not registered.
Why companies required to implement 194 R compliance –
- As per government norms, new TDS section 194-R in the income tax act in the Budget 2022-23
- It pertains to the deduction of tax on benefits or perquisites in respect of businesses or professions
- If any person or (business) responsible for providing to a resident, any benefit or perquisite, shall ensure that tax has been deducted in respect of such benefit or perquisite at the rate of 10% of the value or aggregate of value of such benefit or perquisite.
- 194-R is not applicable where the aggregate of the value of benefit or prerequisite does not exceed Rs. 20,000 during the financial year to one beneficiary.
How Rewardix can helps companies to implement 194-R compliance –
- A ready module is available can be integrated in a web and mobile application for the implementation.
- We have integrated a third party NSDL approved vendor to authenticate the PAN card of the users.
- We are providing the users facility to register themselves with/without PAN card.
- There is also facility is provided for the addition of PAN card even after registration.
- The application has ability to deduct the TDS of the eligible users who has crossed the threshold limit of 20,000 in an accounting year for the on the earned points and will be deducted at 10% if pan card is registered and 20% for the pan cad not registered.
- The TDS wallet is created with history page to visualise the TDS points.
- The TDS report has been provided to the companies for the filing of TDS at every month for the eligible users.
- The system is capable to store the data as per the defined duration mentioned in financial act.
Conclusion: Unleashing the Power of 194-R
In conclusion, Rewardix‘s 194-R is not just a , module loyalty program software; it’s a paradigm shift in how businesses approach customer engagement. As brands navigate the competitive landscape, the 194-R stands as a testament to innovation, creativity, and a commitment to customer satisfaction.
The software’s multifaceted functionalities elevate loyalty programs, reinventing them into dynamic and personalized experiences that resonate with today’s discerning consumers. Rewardix’s website becomes the digital gateway to this transformative journey, inviting brands to explore the unparalleled potential of the 194-R and redefine what it means to build lasting connections in the digital age.
You must develop new ideas to stay ahead in the fast-paced business world where customer trust is highly valued. In this quest, Rewardix‘s 194-R stands out as a beacon of change that changes how reward program software is made.
This blog post talks about the many uses of 194-R and how it changes customer loyalty programs, making a strong case for using it to connect customers.
What is 194-R Compliance
Finance Act 2022 insetted a new section 194-R in the Income-tax Act, 1961 with effect from 1″ July 2022 , any person responsible for providing to a resident, any benefit or perquisite, shall ensure that tax has been deducted in respect of such benefit or perquisite at the rate of 10% of the value or aggregate of value of such benefit or perquisite in case of pan card is registered and 20% in case on pan is not registered.
Why companies required to implement 194 R compliance –
- As per government norms, new TDS section 194-R in the income tax act in the Budget 2022-23
- It pertains to the deduction of tax on benefits or perquisites in respect of businesses or professions
- If any person or (business) responsible for providing to a resident, any benefit or perquisite, shall ensure that tax has been deducted in respect of such benefit or perquisite at the rate of 10% of the value or aggregate of value of such benefit or perquisite.
- 194-R is not applicable where the aggregate of the value of benefit or prerequisite does not exceed Rs. 20,000 during the financial year to one beneficiary.
How Rewardix can helps companies to implement 194-R compliance –
- A ready module is available can be integrated in a web and mobile application for the implementation.
- We have integrated a third party NSDL approved vendor to authenticate the PAN card of the users.
- We are providing the users facility to register themselves with/without PAN card.
- There is also facility is provided for the addition of PAN card even after registration.
- The application has ability to deduct the TDS of the eligible users who has crossed the threshold limit of 20,000 in an accounting year for the on the earned points and will be deducted at 10% if pan card is registered and 20% for the pan cad not registered.
- The TDS wallet is created with history page to visualise the TDS points.
- The TDS report has been provided to the companies for the filing of TDS at every month for the eligible users.
- The system is capable to store the data as per the defined duration mentioned in financial act.
Conclusion: Unleashing the Power of 194-R
In conclusion, Rewardix‘s 194-R is not just a , module loyalty program software; it’s a paradigm shift in how businesses approach customer engagement. As brands navigate the competitive landscape, the 194-R stands as a testament to innovation, creativity, and a commitment to customer satisfaction.
The software’s multifaceted functionalities elevate loyalty programs, reinventing them into dynamic and personalized experiences that resonate with today’s discerning consumers. Rewardix’s website becomes the digital gateway to this transformative journey, inviting brands to explore the unparalleled potential of the 194-R and redefine what it means to build lasting connections in the digital age.