TDS on gift to consultant by a company
This query is : Open
31 December 2010
A Company wish to gift a car to a consultant apart from the agreed fee, as he helped them in acheiving financial closure of a project in quick time. whether TDS provisions are applicable in case of gift of car. if yes, which section/case law deals with this?
please help me out
please help me out
31 December 2010
TDS is not applicable on gift.
31 December 2010
read the following article for tax on Gift https://www.simpletaxindia.org/2010/03/gift-tax-tax-on-gift-budget-2010.html
01 January 2011
Agreed with the expert above, TDS will not be applicable on gifts. It will be the duty of the consultant who received the gift to disclose this as income from business / profession u/s 28 in his return of income and pay the self assessment tax or advance tax as the case may be.
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
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR 2 Short Term gain & Long term gain
- ITR validation error - Balance sheet is not filled
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 1: Details for showing Exempt Income
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- 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
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
