Query related to tax treatment against business gifts to customer like car etc in hand of customer
This query is : Resolved
16 July 2015
Sir, please give me suggestion regarding business entity distribute Certain Business gifts to Its customers as a reward against achievement of sale targets.he is of the view that it is non-taxable in his hand as sale promotion expenses for achieving sale targets criteria now question is what will be the accounting and tax treatment in hand of its customers.all the items are to be distributed are in kind viz.cars,laptops,Tv etc.
16 July 2015
Market value of such gifts will be treated as business income and tax payable on it.
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