Tds
This query is : Resolved
28 January 2014
whether if sales target achive and company offer gift article of rs 40000 then at the time of handover article to person tds will deduct or not
tds provisions applicable or not
tds provisions applicable or not
28 January 2014
Tds provisions not applicable on gifts.
AVTAR SINGH
(Expert)
29 January 2014
Gift article of Rs.40000 is taxable. Since Gifts upto Rs.5000 per annum are exempt, Rs.35000 is taxable in the hands of employee and TDS will be deducted on this amount.
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