Gift tax
This query is : Resolved
chirag gupta
(Querist)
23 November 2011
If a corporate gift something to its vendor/supplier as an incentive but in the name of gift..then whats the applicability of gift Tax and what are the provisions & rules under which it falls.Kindly elaborate
CA Ayush Agarwal
(Expert)
23 November 2011
Taxable in Hand of Receiver as Normally.
Gift Tax No Concept is There Now Since Abolished.
and Company Can Take Deduction if In The Interest of Business Expansion.
Gift Tax No Concept is There Now Since Abolished.
and Company Can Take Deduction if In The Interest of Business Expansion.
chirag gupta
(Querist)
24 November 2011
Whether we have to deduct any TDS on such gift.And whether it is allowed by Act to give a gift to Commission dealer or it would be treated as commission and the TDS will be deducted under section 194H
CA Ayush Agarwal
(Expert)
26 November 2011
no concept of tds here.
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