Section 194 R
This query is : Resolved
05 July 2022
Hi team,
Section 194 R is applicable from 1st July.
My Question given in below points.
My company is giving Gold coins & other items as Business promotion certain people
If I don't have the details of the ultimate person who is getting the item, how i can comply with 194R, even if I am okay to bear the TDS cost of these items provided.
Section 194 R is applicable from 1st July.
My Question given in below points.
My company is giving Gold coins & other items as Business promotion certain people
If I don't have the details of the ultimate person who is getting the item, how i can comply with 194R, even if I am okay to bear the TDS cost of these items provided.
05 July 2022
Bear the TDS on cost of these items but file TDS return in the name of the person who got the coins.
Message likes :
1 times
06 July 2022
Yes Sir, company is ready to bear it, but we dont have the track or PAN of the ultimate person who is getting this benefit.
One option would be higher rate of Tax @20% - any other option?
One option would be higher rate of Tax @20% - any other option?
06 July 2022
Other option 30% of expenses is disallowed for non deduction of TDS.
Message likes :
1 times
06 July 2022
Deduct TDS cumulatively on the amount.
While disbursing the incentives for the next month, ask your agents to report the gold coins they received in the previous month.
This way, you will get the details of the ultimate prize holder, and you will be able to file the TDS return with PAN @ 10% TDS.
Otherwise, you have to lose 20% to 30%
While disbursing the incentives for the next month, ask your agents to report the gold coins they received in the previous month.
This way, you will get the details of the ultimate prize holder, and you will be able to file the TDS return with PAN @ 10% TDS.
Otherwise, you have to lose 20% to 30%
Message likes :
1 times
06 July 2022
Yes you are right. Only challenge will be in getting the PAN of ultimate person who is taking the benefit. This section will get control in the misuse of such kind of incentives or promotional expenses of business, where without any identity company is proving perquisites.
Thank you Seetharaman Sir & Ms. Puja for your great comments and time.
Thank you Seetharaman Sir & Ms. Puja for your great comments and time.
06 July 2022
You are welcome.............
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
