9911796707
TMI BlogTax on winning prizesX X X X Extracts X X X X X X X X Extracts X X X X ..... Dear Sir Wish you a blessed and prosperous New Year 2012! I recently won a bike (TVS Wego) in a lucky draw contest. The OTR price of the bike is Rs.56945/- and the ex-showroom price is Rs.48903/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which includes a VAT of Rs.6318/-. When I went to the showroom to collect my prize, the dealer told me that I have to remit 30% tax on the ex show room price of the bike. The dealer also told me that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apart from paying this 30% on Rs. 48903/-, I should also bear the VAT, registration insurance charges and other taxes like road tax etc. Considering all this, my overall liability comes to around ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.23000/-. I am quite doubtful whether the dealer is giving me the right information regarding the payment. I request you to kindly clarify whether I am liable to make the above payments as required ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the dealer. Thanking you Regards Eva Dhurairaj - Reply By Ritesh Pandya - The Reply = Dear Dhurairaj, TDS on Winning Prizes deducted / collected and deposited TDS in Govt. Accounv become ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a Sponsor. and u r responsible to pay tax 30%. And Confirmation of payment of tax from sponsor no need to require by prizer winner. Txs. - Tax on winning prizes - Query Started By: - SP ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IC Ltd. Dated:- 5-1-2012 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanage ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
