Lottery business

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Chandan Arora (Querist)
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27 September 2016 Journal entries for Jewelry given to winner in a lucky draw.also for commission given to reference made by people who are in networking. and heir treatment in Balance sheet if any

Amol S Joglekar

Amol S Joglekar (Expert)
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27 September 2016 debit prize
credit bank/cash as the case may be
(Being jewellery given as prize)

debit commission
credit bank/cash as the case may be
(Being referral commission paid)

Chandan Arora

Chandan Arora (Querist)
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27 September 2016 and Tds will be deducted? if yes at what %.

Amol S Joglekar

Amol S Joglekar (Expert)
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27 September 2016 please refer section 194H and see if it is applicable to you

https://www.incometaxindia.gov.in/Pages/acts/income-tax-act.aspx

Chandan Arora

Chandan Arora (Querist)
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27 September 2016 ok and thanx

Amol S Joglekar

Amol S Joglekar (Expert)
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27 September 2016 you are most welcome.

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