Claiming expense on gift given
This query is : Resolved
26 October 2022
My business is planning to give a car as gift to customer on lucky draw. Car is worth 10-15 lakh. Couls u pls advice on the rax implications.
26 October 2022
Being lucky draw award, 30% tax would be applicable to the winners, as per sec 56(2)(x) of IT act.
U/s. 194B of IT act, the donor has to deduct TDS at 30%+ cess or collected it from winner and pay it to treasury, before handing over the CAR to winner.
U/s. 194B of IT act, the donor has to deduct TDS at 30%+ cess or collected it from winner and pay it to treasury, before handing over the CAR to winner.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITDS U/S.194T of Firm
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- GST not cancelled by tenant
- Cash balance limit and property purchases limit
- NRI starting business in India
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
