My company is making a donation of Rs.3Lacs to a foundation which is not registered under 80G. Please clarify me whether I need to deduct TDS before making the donation.
3 Replies
Kapadia Pravin
(17264 Points)
Replied 16 August 2019
No TDS
However company won't be allowed any Deduction of 3 lakhs and foundation has to show this as income in the form of Gift of 3 lakhs.
However company won't be allowed any Deduction of 3 lakhs and foundation has to show this as income in the form of Gift of 3 lakhs.
Akash V.R.
(Student)
(23 Points)
Replied 16 August 2019
can anyone give some reference? Because everybody here thinks that TDS must be deducted
Rajasekar
(TDS Preparer)
(1452 Points)
Replied 16 August 2019
TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment exceeds certain threshold limits. TDS has to be deducted at the rates prescribed by the tax department.
TDS is deducted on the following types of payments:
Salaries
Interest payments by banks
Commission payments
Rent payments
Consultation fees
Professional fees
TDS is deducted on the following types of payments:
Salaries
Interest payments by banks
Commission payments
Rent payments
Consultation fees
Professional fees
Recent Topics
- Cash transfer treatment between spouse under new r
- APPLICABILITY OF GST ON PULSES PREPACKED AND LABEL
- HSN Code for Keychain (Plastic+metal)
- Society and development, Highlighted by a term fin
- REGISTER ACCOUNT IN INCOME TAX PORTAL - NRI &
- LTCG ON PROPERTY SOLD IN PARTS
- Which GST to charge(Whether exempt or chargeable)
- Impact on project cost
- Register as representative for deceased
- OLD SILVER PURCHASES
Related Threads
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
