My company is giving Gold coins & other items as Business promotion certain people If I don't have the details of the ultimate person who is getting the item, how i can comply with 194R, even if I am okay to bear the TDS cost of these items provided.
06 July 2022
Deduct TDS cumulatively on the amount. While disbursing the incentives for the next month, ask your agents to report the gold coins they received in the previous month. This way, you will get the details of the ultimate prize holder, and you will be able to file the TDS return with PAN @ 10% TDS. Otherwise, you have to lose 20% to 30%
06 July 2022
Yes you are right. Only challenge will be in getting the PAN of ultimate person who is taking the benefit. This section will get control in the misuse of such kind of incentives or promotional expenses of business, where without any identity company is proving perquisites.
Thank you Seetharaman Sir & Ms. Puja for your great comments and time.
CAclubindia
