Tax on Gift
This query is : Resolved
19 July 2011
Sir
The company announces gift schemes for Sales Representatives and Team Leaders for promotion of sales. the gift includes Microwave, Home theater, Grinder etc. please help me that if there is any tax liability on the hands of recipients or the company should deduct TDS on gift amounts.
Thanks
The company announces gift schemes for Sales Representatives and Team Leaders for promotion of sales. the gift includes Microwave, Home theater, Grinder etc. please help me that if there is any tax liability on the hands of recipients or the company should deduct TDS on gift amounts.
Thanks
19 July 2011
Gift in kind is exempt up to Rs. 5000/ in aggregate.
Beyond Rs 5000/ it is taxable.
Employee has to deduct TDS on the amount exceeding Rs 5000/- under Section 192.
Beyond Rs 5000/ it is taxable.
Employee has to deduct TDS on the amount exceeding Rs 5000/- under Section 192.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
