Gift given by Company to others

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