30 November 2013
Dear sir, we have a properitor firm can we pay rs.2L to a freind without any consideration & without deducting TDS. coz we just have to pay he will not refund and will not give bill we are just giving him as good wil pl reply
30 November 2013
You can pay him only by account payee cheque and treat the same as your personal drawings. The thing is the receiver has to show it as gift(taxable above 50,000).
02 December 2013
That gift is to a freinnd who will not fit into the defination of relative for exemption. So it will taxable to him for an amount above 50,000
CAclubindia
