whether tds should be deducted on any gift to insurance agents?
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 22 December 2009
Nope, its only the commission or any amount paid in other mode for procuring business is eliegible for TDS.... not the gifts...
Neha.
(Article Clerk)
(71 Points)
Replied 22 December 2009
whether this shall be treated as commission or not?
n if it is not deductible, can i refer any case law or any section?
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 22 December 2009
And if the gift is given by client, then Q for TDS doesn't arise...
Neha.
(Article Clerk)
(71 Points)
Replied 22 December 2009
if gift is being paid on achieving some targets then its related to business. Shall it become taxable then?
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 22 December 2009
And if the gift is given by client, then Q for TDS doesn't arise...
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 22 December 2009
Yup, in that case TDS is applicable...
As in lottery system, TDS amount is asked in cash and the prize is given... Similarily, if any amount is paid in any mode to commission agent for procuring business, is applicable for TDS...
NARENDER PAWAR
(CA final Student)
(337 Points)
Replied 23 December 2009
in this case tds is not applicable
Vikram Gagneja
(a/c)
(108 Points)
Replied 23 December 2009
no
gift given to agent is not eligible for tds
janani
(Student - PCC/article assitant)
(131 Points)
Replied 23 December 2009
see if its realted to business den it will considered as Business promotion expenses it lead to FBT so need to worry about the nature of transaction
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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