Tds on staff welfare
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 October 2015
Hi,
We have Purchase Cloths and Some Gift items for employee, its a cost of Rs more than 1 Lakh, there is any TDS applicable ? if applicable How much i want to deduct ?
We have Purchase Cloths and Some Gift items for employee, its a cost of Rs more than 1 Lakh, there is any TDS applicable ? if applicable How much i want to deduct ?
14 October 2015
nah.. no tds will apply on that its a staff welfare expense
Message likes :
1 times
14 October 2015
No TDS applicable on purchase of cloths and gifts.
Taxability in the hands of employee:
Refer rule 3 of Income Tax Rules:
The value of any gift, or voucher, or token in lieu of which such gift may be received by the employee or by member of his household on ceremonial occasions or otherwise from the employer shall be determined as the sum equal to the amount of such gift:
Provided that where the value of such gift, voucher or token, as the case may be, is below five thousand rupees in the aggregate during the previous year, the value of perquisite shall be taken as “nil”
Taxability in the hands of employee:
Refer rule 3 of Income Tax Rules:
The value of any gift, or voucher, or token in lieu of which such gift may be received by the employee or by member of his household on ceremonial occasions or otherwise from the employer shall be determined as the sum equal to the amount of such gift:
Provided that where the value of such gift, voucher or token, as the case may be, is below five thousand rupees in the aggregate during the previous year, the value of perquisite shall be taken as “nil”
Message likes :
1 times
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
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- GST Regis.
- Disallowance of Section 43B(h) to sez units
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Confusion around Form 26QB fields
- 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?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
