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(Querist)
28 January 2014 whether if sales target achive and company offer gift article of rs 40000 then at the time of handover article to person tds will deduct or not

tds provisions applicable or not
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
28 January 2014 Tds provisions not applicable on gifts.
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@VaibhavJ

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@VaibhavJ (Expert)
28 January 2014 Hi

Gift in excess of Rs. 5000 is taxable perquisite.

Thx
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AVTAR SINGH

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AVTAR SINGH (Expert)
29 January 2014 Gift article of Rs.40000 is taxable. Since Gifts upto Rs.5000 per annum are exempt, Rs.35000 is taxable in the hands of employee and TDS will be deducted on this amount.

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