TDS on payment to government

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pankaj (Querist)
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31 December 2007 Do we need to deduct TDS on payment to government...specifically sponsorship to indian navy for new year ball ?

R.V.RAO

R.V.RAO (Expert)
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31 December 2007 SECTION 196 OF INCOME TAX ACT STATES THAT NO TAX IS REQUIRED TO BE DEDUCTED AT SOURCE FROM ANY SUM PAYABLE TO THE GOVT. OR RBI OR A CORP. ESTABLISHED BY OR UNDER A CENTRAL ACT WHICH IS UNDER ANY LAW FOR THE TIME BEING IN FORCE ,EXEMPT FROM INCOME TAX ON ITS INCOME ,IF SUCH SUM IS PAYABLE BY WAY OF INTEREST OR DIVIDEND IN RESPECT OF ANY SECURITIES OR SHARES OWNED BY IT OR IN WHICH IT HAS FULL BENEFICIAL INTEREST OR ANY OTHER INCOME ACCRUING OR ARISING TO IT.
SO THERE IS NO NEED IN THE CASE STATED BY YOU FOR TDS.
R.V.RAO

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