Hi
our company a event management agency has to pay sum of Rs.50,000/- to an educational institution as Sponsership charges for some educational seminars
now as per rule TDS has to be deducted on payments greater than 20,000, and in failure of PAN 20% TDS has to be deducted but they (edu institute) cannot provide PAN of said institute. they will acknowledge receipt as Sponsership fee not as donation (which can be claimed for tax rebate).
Therefore all the members to advise me on the same, what should i do, pay the entire amount (as one time payment) or withdraw it.
Please help.
CAclubindia
