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TDS on Gifts – Section 194R is 10% or more ?

Do you know about the TDS on Gifts , if you are a MSME….This New TDS 194R might be even 20% instead of 10% ?

Last year, a new TDS had started… this March 2023, we have the first Balance Sheets for this section’s compliance…. So, let us see this TDS on Gifts From the perspective of MSME’s

Note : TDS 194R could be effective between 10% to 25% for you. So, do read on, and take  actions in time.

This Presentation is made with MSME Entrepreneurs, in mind….and their Accounts Departments… Usually, who are supplying child parts or components to OEM’s, or manufacturing under others’ Brands
We have not covered the Large MNC’s, Large Pharma Companies, who have lot of freebee’s for their Dealers, Distributors

Example : 5 Mobile phones for Gifting @ Rs 15000 each194R – TDS Applicable ? No, ( if separate persons )

Limit of Rs 20000. It is per gift ? No, it is per “year”
Non Resident Customer / Vendor. “excluded”. No TDS.
What if you dont get the PAN ?
TDS Rate goes upto to 20%
TDS entry in the Books ? Date ?
Own Usage vs Gift ? Treatment is different … No TDS, if use it yourself.

TDS Rate could be 20% ~ 25%

This is only for personal information of the members. Based on information & interpretations available as on today, the 26th January 2023.
Please contact your Consultant / Chartered Accountant / counsel for his final opinion, if deemed fit.
In case, you notice any difference in opinion, or difference in interpretation of the law, please share your feedback, we will try our best to improve.

Contact Finsys : : Contact us

 

More Details

https://www.caclubindia.com/articles/key-highlights-union-budget-2022-23-46702.asp

https://www.caclubindia.com/articles/new-tds-sections-194r-194s-much-more-46830.asp

https://taxguru.in/income-tax/applicability-tds-section-194r-01-07-2022.html

https://taxguru.in/income-tax/tds-section-194r-section-194s.html

TDS @ 20%, if PAN is not provided or PAN is invalid

https://taxguru.in/income-tax/section-194r-tds-benefits-perquisites-income-tax-act-1961.html

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Section 194R TDS on Perquisites Business Promotion

 

  1. Exemption limit
    1. Rs 20,000 is aggregate per person per year
    2. Effect 1 :
      1. So, if “per piece” is over Rs 20,000 = then surely, go into the TDS route
    3. Effect 2 :
      1. Even if per piece is less than Rs 20,000, same person cannot be given benefit totalling to over Rs 20,000 per year
  1. Consumption List
    1. Required to show the above
    2. With the voucher
    3. Remember… that same person not being repeated
  1. Foreigner
    1. Non-resident is not included
    2. Consumption List
      1. Required to show the above … if non resident, then enjoy, without TDS at all
      2. Zero TDS
    3. Due to covid 19 , mostly missing, hence avoid for time being
  1. TDS rate
    1. 10%
    2. With PAN
  2. TDS Rate without PAN
    1. 20%
    2. Grossing up required to be done
    3. 1 lakh… means 1 lakh x 20/(100-20) =
    4. 100000 x 20/80
    5. = 25,000 becomes TDS instead of 20,000
    6. 25%
  3. Entry in books
    1. Voucher time ? .. maybe
    2. Month end ? … maybe
  4. Books,
    1. Separate account = yes 194R TDS

Sources

 

https://incometaxindia.gov.in/communications/circular/circular-no-12-2022.pdf

 

 

28[Deduction of tax on benefit or perquisite in respect of business or profession.29

194R. (1) Any person responsible for providing to a resident, any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession, by such resident, shall, before providing such benefit or perquisite, as the case may be, to such resident, ensure that tax has been deducted in respect of such benefit or perquisite at the rate of ten per cent of the value or aggregate of value of such benefit or perquisite:

Provided that in a case where the benefit or perquisite, as the case may be, is wholly in kind or partly in cash and partly in kind but such part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of such benefit or perquisite, the person responsible for providing such benefit or perquisite shall, before releasing the benefit or perquisite, ensure that tax required to be deducted has been paid in respect of the benefit or perquisite:

Provided further that the provisions of this section shall not apply in case of a resident where the value or aggregate of value of the benefit or perquisite provided or likely to be provided to such resident during the financial year does not exceed twenty thousand rupees:

Provided also that the provisions of this section shall not apply to a person being an individual or a Hindu undivided family, whose total sales, gross receipts or turnover does not exceed one crore rupees in case of business or fifty lakh rupees in case of profession, during the financial year immediately preceding the financial year in which such benefit or perquisite, as the case may be, is provided by such person.

(2) If any difficulty arises in giving effect to the provisions of this section, the Board may, with the previous approval of the Central Government, issue guidelines for the purpose of removing the difficulty.

(3) Every guideline issued by the Board under sub-section (2) shall, as soon as may be after it is issued, be laid before each House of Parliament, and shall be binding on the income-tax authorities and on the person providing any such benefit or perquisite.

Explanation.—For the purposes of this section, the expression “person responsible for providing” means the person providing such benefit or perquisite, or in case of a company, the company itself including the principal officer thereof.]

 

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Showing the way to other MSME’s

 

Contact Finsys

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Contact Sunpack Solutions Pvt Ltd : https://www.sunpackgroup.com/

Job Vacancy – ERP Implementation and ERP Support : Noida

Job Vacancies – for Finsys ERP Implementation and ERP Support

Post 1 : Noida

Post 2 : Palwal,

Post 3 : Faridabad

Post 4 : Pune ( Maharashtra )

Post 5 : Nigeria ( Africa  )

Post 6 : Angola ( Africa )

Post 7 : Nepal


Careers .. Jobs Opportunities in Finsys ERP Eco System

Intro :- 

Our Company is in the Mid Size ERP Market for 31 years now.  Implemented at 780+ Careers In Finsysfactories pan-India, and also in UAE, Saudi Arabia, Mauritius, Angola, Congo, USA, Nepal, Nigeria etc

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Computer engineers having B.E or B.Tech or BCA ,MCA or any equivalent degree can become excellent ERP software implementers.

For any query Please contact us at careers@finsys.in

 


Qualification : Any

Finsys ERP experience : Best choice

Other ERP   : OK, can try

Fresher : can apply… if ready to work on long term basis

Apply to

Mr Virender Singh, DGM

Phone : 9310008914 ( Whatsapp message preferred on this number with your resume ) and email on Virender@finsys. in, cc to careers@finsys.in


Other details on

Home page : www.finsys.co.in

Careers page https://finsys.co.in/careers

Youtube Videos:  https://finsys.co.in/youtube-videos-finsys-erp

https://www.youtube.com/c/sangeetguptafinsyserpsoftware

Office video

Best place to work Videos

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Job Vacancies Finsys ERP Software Faridabad, Noida, Pune, Nigeria, Angola, Nepal , experience, Implementation and Support


Apply to

Mr Virender Singh, DGM

Phone : 9310008914 ( Whatsapp message preferred on this number with your resume ) and email on Virender@finsys. in, cc to careers@finsys.in

ERP Software company in Noida Finsys ERP Noida Division

About Finsys ERP

Finsys ERP is an “Ready to use” Established Mid Size ERP Software company with 31 years History ( 1992 – 2023 ) and 780+ Installations.  Professionally run Company. Managed by Systems and SoP’s. Also led by a team of Chartered Accountants, Company Secretaries, Software Experts, Managing Directors’ & CEO’s from the Industry, and Computer Engineers.

Link to our YouTube Page ||READ MORE about us .  ||   MIS Reports to see daily Common to all Manufacturing Businesses  ||  MIS Reports for MD’s- Packaging Business || Checklist : Going LIVE on  ERP Form || Feedback Form ||


Finsys is a Specialised ERP Software For 17 types of Industries.

Finsys has “Ready to use”,  and to a large extent, “Already Customised” Specialised Solutions for specific Industries.  This includes ERP Software for Plastic Moulding, Rubber Moulding, Electronic Equipments and Solar Panels, Corrugation Packaging, Duplex Packaging, Flexible Packaging, Laminates, Labels, Steel Auto Components, Paints and Chemicals, Machinery Manufacture, Forgings, Castings, CNC VMC Machining Plants, Assemblies, and so on.


FINSYS MANUALS | FAQ ( Frequently Asked Questions )

 


Making Business Better Initiative, to add More JAZZ in your ERP Software Implementation


Finsys ERP Team invites you to PlastIndia 2023 : Pragati Maidan, New Delhi 1-5 Feb 2023

Plast India 2023

 


Special page to the Finsys page for Corrugation Industry


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ERP Software For Duplex Folded Cartons

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Features & Benefits Of Finsys ERP

Manufacturing is a strength of Finsys ERP, and we know how to help you configure your Finsys ERP to give you the biggest return on your investment. Finsys ERP for Rubber and Plastics is designed for make-to-stock and make-to-order businesses and provides many benefits, including:

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Finsys Manufacturing ERP Highlights

 

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