Dear All,
Urgent query!
3rd party providing Gift to winner in Compan's function. TDS attracts or not?
CA Bijay Kr. Saha (Asst.Mgr. Accts. & Fin) (72 Points)
27 January 2010Dear All,
Urgent query!
3rd party providing Gift to winner in Compan's function. TDS attracts or not?
Vijay
(CA)
(254 Points)
Replied 27 January 2010
Providing gift to winner is taxable and attract tazx rate @ 30%
Amir
(Learner)
(4016 Points)
Replied 27 January 2010
Dear Bijay,
TDS on Winning of any kind of shows,Quiz,etc is applicable @ 30% if prize money exceeds Rs. 5,000.
But I couldn't understand ur query The company will not be responsible for deducting TDS if the payment is made by 3rd Party.
That 3rd Party will be responsible..
Piyush Jain
(CA)
(283 Points)
Replied 27 January 2010
Vijay, TDS is deducted for claiming the expense. As far as your query suggest, i dont think so that the third party will claim any expense. so for that he is not require to deduct any TDS.
If he claim it as an expense (let say business promotion) then he is required to deduct TDS @ 30%.
Regards
Piyush
Pankaj Choudhary
(Accounts Manager)
(60 Points)
Replied 28 January 2010
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
