Premium luxurious briefcase purchased by MD of a Pvt Company
This query is : Resolved
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CA Shriram Deshpande
(Querist)
10 August 2023
A Luxurious briefcase
was purchased by MD of our Company Rs.55 K. Invoice is in Company's Name. GST is also claimed. This Brief case is purchased as a gift to be given to one of our vendors. Kindly suggest the Accounting treatment and impact under IT Act
was purchased by MD of our Company Rs.55 K. Invoice is in Company's Name. GST is also claimed. This Brief case is purchased as a gift to be given to one of our vendors. Kindly suggest the Accounting treatment and impact under IT Act
CA R SEETHARAMAN
(Expert)
10 August 2023
Book it as sales promotion expenses.
10% TDS applicable under section 194R.
10% TDS applicable under section 194R.
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10 August 2023
GST input Tax not eligible for this given as gift.
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20 August 2023
Hello Seetharaman ji
Can you please help us know more about the TDS part here ? Please
Thanks for your time here
Can you please help us know more about the TDS part here ? Please
Thanks for your time here
20 August 2023
Please read the details from this following link :.
https://cleartax.in/s/analysis-of-section-194r-of-the-income-tax-act-1961
https://cleartax.in/s/analysis-of-section-194r-of-the-income-tax-act-1961
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