Tax implications on gifts by supplier
This query is : Resolved
CA.TAPAS DALAR
(Querist)
15 November 2008
Hello,
Our company is the distributor of certain mobile handsets and provider of allied services like SIM cards & recharge vouchers.
At times, the supplier offrs us some gifts in the form of gold coins, cars or cash.
so what would be the implications from the point of view of:
1. Income Tax i.e. TDS
2. VAT
3. Service tax
Our company is the distributor of certain mobile handsets and provider of allied services like SIM cards & recharge vouchers.
At times, the supplier offrs us some gifts in the form of gold coins, cars or cash.
so what would be the implications from the point of view of:
1. Income Tax i.e. TDS
2. VAT
3. Service tax
Deepak Agrawal
(Expert)
15 November 2008
For Income tax: If U will bring it in books of accounts, it will be shown as business income as the gift is in incidence of ur business...
service tax & VAT won't be affected according to me
service tax & VAT won't be affected according to me
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