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.
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Tds on donation
Replies (3)
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.
can anyone give some reference? Because everybody here thinks that TDS must be deducted
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
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