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Premium luxurious briefcase purchased by MD of a Pvt Company

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(Querist)
10 August 2023 A Luxurious briefcase
was purchased by MD of our Company Rs.55 K. Invoice is in Company's Name. GST is also claimed. This Brief case is purchased as a gift to be given to one of our vendors. Kindly suggest the Accounting treatment and impact under IT Act
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
10 August 2023 Book it as sales promotion expenses.
10% TDS applicable under section 194R.
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RAJA P M

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RAJA P M (Expert)
10 August 2023 GST input Tax not eligible for this given as gift.
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Asha Kanta Sharmapro badge

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Asha Kanta Sharmapro badge (Expert)
20 August 2023 Hello Seetharaman ji

Can you please help us know more about the TDS part here ? Please

Thanks for your time here
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RAJA P M

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RAJA P M (Expert)
20 August 2023 Please read the details from this following link :.

https://cleartax.in/s/analysis-of-section-194r-of-the-income-tax-act-1961

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