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.
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.]
for the first two months, due to better utilisation, better planning
Employee should feel Happier
“Feel” that he is in a Systematic “MNC” company
to the Successful Team Members
We are at the Cake Cutting Ceremony
and the Samosa Party… with Staff of Sunpack Solutions
Story behind the “Success Story”
with One of the Directors of Sunpack Solutions
Before this, Had tried two ERP Softwares
Lost Time, Money , Efforts and Emotions in both
See… how the Staff came onboard
How the Results expected… have to be kept as main goal
Benefits in Purchase Dept
Real life stories
Effect on Purchases
Direct benefit of ERP in Faith, in Culture, in Life
Monthly Purchase has come down
Now they are Real Data based
Mr Sanjay Bansal
Vice President, Implementations, Finsys Team
AGM,Marketing, Finsys Infotech Limited
Sunpack Solutions, Sikri
Started in Phased ERP implementation
Let us take a Round of the Factory
Operations at Sunpack Solutions Pvt Ltd
a Micro or Small SME
See… How everybody gets benefited from ERP absorbtion
Sunpack.. Supplying Machines worldwide
Showing the way to other MSME’s
Our Company is in the Mid Size ERP Market for 31 years now. Implemented at 780+ factories pan-India, and also in UAE, Saudi Arabia, Mauritius, Angola, Congo, USA, Nepal, Nigeria etc
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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.
Making Business Better Initiative, to add More JAZZ in your ERP Software Implementation
Special page to the Finsys page for Corrugation Industry
Finsys has continuously evolved in these 25 years of its Growth since 1992, Some News clips of recent times. For news 2006 to 2015 click our News Archives
How to do the Proper Entries of the Hundi creation, Hundi Completion, Bill Discounting Treatment in Finsys ERP . . Useful for Bill Discounting ,…
Peace of Mind, Spiritual , User Friendly, God is your Friend, God is your Mentor, Gratitude to God, Ishwar is your friend, What to do…
Sometimes, we give Gifts, or Receive Gift. If the Gift is of a significant amount, then proper documentation is very important. See this video to…
Travel Packing List (Suggested for Finsys Male Members, by Admin Dept) Suggestions Dear Members, as suggested in the last Saturday meeting, the suggested Travel Packing…
FCBM 2022, ….. opens to a Grand start. Indore, Madhya Pradesh. The land of Cheetah….Kuno National Park. And…Welcome to Finsys Stall number 99. Some excerpts…
Yash Packers : An ERP Success Story – Mumbai & Vapi Ideas and suggestions from Mr Prakash Nahata, Founder and Director of Yash Packers, Mumbai,…
50th Conference Of Federation Of Corrugated Box Manufacturers Of India
50th Conference Of Federation Of Corrugated Box Manufacturers Of India
India Corr Expo – 2022
this was finished in Oct 2022
Plastindia series of exhibitions under the aegis of Plastindia Foundation stays as a permanent date in corporate calendars across the world, providing investors and industrialists.
Finsys ERP welcomes you to India Corr Expo 2021 – Delhi – Greater Noida
Our Stall number is A-2 ( just in front of the Entry Gates)
The aim of showcasing Indian Plastics Industry to the world through PLASTINDIA 2021
The Federation of Corrugated Box Manufacturer
Proud to welcome you there
Sino Corrugated 2019 Shanghai
India Rubber Expo 2019
Finsys has participated in every edition of IndiaCorr Expo, from 2013 to 2018. ( 6th year). The only Software company with this distinction. We owe it to our customers. We have the biggest market share in Corrugation ERP’s in India today
Finsys is ERP provider for Label Manufacturers from North India, to West India, to Africa. We are participating in LabelExpo: Nov 2018. Welcome to our stall.
SinoCorrugated is a Second Biggest Exhibition on Corrugated Box Industry in the World. We are the only Indian Software Company to exhibit in both 2017(Shanghai) and 2018(Guangdong)
Finsys was the only Indian ERP Software company. Exhibiting in Auto Expo 2018 at Pragati Maidan, New Delhi. Shoulder to Shoulder with Indian Automotive Component Industry, : Mitigating Production cost & Add Efficiencies.
Finsys ERP was again the only ERP software for mid-scale corporates and MSME’s. Special ERP Software for Rubber Moulded Components. Successful in over 75 Rubber Extrusion and Plastic Moulding Plants in India. See you at India Rubber Expo, Mumbai in Jan 2019.
With 70+ Automatic Corrugation Plants, already working on Finsys ERP in India. IndiaCorr Expo becomes the festival of the Industry, to meet every Who’s Who. Finsys Salutes its Patrons in the Corr. Industry
SinoCorrugated is a professional worldwide exhibition
User Manuals, Instructions, Suggestions, And Powerpoints on How to Use Finsys ERP, to its best. What do the Developers, and Top Implementors Feel. What is Right ? and What is not Right ? . Learn Finsys yourself.
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:
ERP Software for Gurgaon, ERP Software Faridabad, ERP software Dharudhera, ERP Software for Noida, ERP Software for Greater Noida, best ERP Software for Delhi NCR
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E-Circulars published by Finsys Authors, in recent past, via the I am SME of India, Newsletters. Some of These Circulars are reproduced here below for dispersal of knowledge in Public Domain. Click Here
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