We are having a school and it was registered under the status of Educational Society. On Teachers day (5th September) we have given gifts to our staff in kind and cash. The above said gifts are from Rs.5000 to Rs.1,00,000. Now I am requesting you the above said gifts (in kind and cash) are attracting TDS or not. Kindly advise.
09 September 2012
Gifts upto Rs. 5,000 in aggregate per annum would be exempt, beyond which it would be taxable & hence gifts given to teachers will be considered as taxable in the hands of staff member (i.e. recipient) & in such case it will attract TDS.
CAclubindia
