Hi,
Can anyone please confirm if TDS needs to be deducted on Trophies purchased from the vendor for distributing gifts as a prize of sports event? The trophies will have the company's name embossed on it.
Thanks & Regards
Amit
3 Replies
CA. Kuldeep Singhi
(Entrepreneur)
(424 Points)
Replied 20 December 2013
Nope tds will not be deducted by u but vat will be charged by supplier
Siddharth
(Article Assistant)
(111 Points)
Replied 20 December 2013
TDS is to be deducted if you are a regular customer of that vendor & the amt. goes beyond 75000/- in a year then the co. should deduct the TDS @ 1% if the vendor is individual/HUF or 2% if the vendor is company/firm etc
AVIJIT
(CA FINALIST)
(370 Points)
Replied 20 December 2013
In my view, TDS is not required to be deducted as this is a material purchase transaction.
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