Hi,
Can anyone please confirm if TDS needs to be deducted on Trophies purchased from the vendor for distributing gifts as a prize of sports event? The trophies will have the company's name embossed on it.
Thanks & Regards
Amit
Menu
Tds on trophies purchased
Replies (3)
Nope tds will not be deducted by u but vat will be charged by supplier
TDS is to be deducted if you are a regular customer of that vendor & the amt. goes beyond 75000/- in a year then the co. should deduct the TDS @ 1% if the vendor is individual/HUF or 2% if the vendor is company/firm etc
In my view, TDS is not required to be deducted as this is a material purchase transaction.
Recent Threads
- Closing Stock111
- INVOCIE GENERATED FROM ONE COMPANY AND EWAY BILL G
- Ineligible itc under section 16(4) & itc restr
- Itc on when mixed sales percent in hospitality
- Apply for GST registration while working in MNC
- Deferment period for Advance Tax under Section 234
- Permanant transfer of duty free goods by Advance A
- 1% TDS Deduction on Property purchase through inst
- Tax on leave encashment on retirement
- Guidance Required on Notices Under Section 234B Af
Related Threads
CAclubindia
