If a company gives a car in gift to its agent, how much TDS it will deduct & under which section?
3 Replies
Sachin
(Chartered Accountant)
(419 Points)
Replied 02 May 2009
Dear Ajeet,
it will depend upon the nature of transaction. if it is provided due to employee-employer relationship then tds will be deducted under salary otherwise in other section. write me any query or clarification in this regard. my email id is sachinagarwalcallb @ gmail.com
Hitesh Chauhan
(Proprietor)
(62 Points)
Replied 02 May 2009
| Originally posted by :Ajeet | ||
| " | Ours is a partnership firm. We have taken vehicle finance from Sundaram Finance Ltd. Will TDS be deducted on payment of interest ? | " |
RAJU CHANDAK
(ACCOUNTS MANAGER)
(66 Points)
Replied 02 May 2009
I agree with Mr Sachin wrt TDS applicability... it completely depends on the nature of transactions. Here in this case, if ur Co is gifting car to ur agents ..which is sort of commission in kind... and TDs should be deducted in 194H viz... on cost of car.....
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