Gift given by Company to others

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Manager - Accounts

60 Points Posted on 19 October 2010

Dear Sir,

My company wants to give Rs. 55000/- as a cash gift to one person who have given some contribution to my company?

1) What are the provisions applicable in the case of company?

2) shall I deduct TDS for the amount?

3) What are the provisions applicable in the case of individual (who received cash gift from my company)?

4) can u give me any proof for this?

Thanks / Regards,

Suresh Chandra

Replies (1)

Business Controller

2693 Points Posted on 19 October 2010

It will be treated as Perqs and taxable in hands of employee..

so deduct TDS also while paying.

Company dont have to do anything as FBT is also abolished.

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