Tax complaince on winning from game of any sort
This query is : Resolved
29 December 2011
Sir,
If someone has won game of any sort (for e.g. from Samsung India Electronics Pvt.Ltd.) of Rs. 25000/- in current F.Y 2011-12 and now the company is asking to pay them Rs. 7500/- to release the gift amount. So I would like to know what are the tax compliance regarding this and if we pay such amount to them than what doucments they should provide us??
PLEASE HELP ITS URGENT............!!!!!!
If someone has won game of any sort (for e.g. from Samsung India Electronics Pvt.Ltd.) of Rs. 25000/- in current F.Y 2011-12 and now the company is asking to pay them Rs. 7500/- to release the gift amount. So I would like to know what are the tax compliance regarding this and if we pay such amount to them than what doucments they should provide us??
PLEASE HELP ITS URGENT............!!!!!!
29 December 2011
They should deduct rs 7500/- from your prize money as a TDS. If they are asking to pay this amount, in that you should be careful about the genuineness.
Message likes :
1 times
29 December 2011
Actally they said will provide full gift voucher of Rs.25000/- in return to that and the same is reedeemable in full amount. In that case what should I do?
29 December 2011
You need to check whether they will be providing TDS certificate or not, otherwise you would be bearing the tax on the income.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Reprocessing of rectification order AY 2025-26
- Gift Received from nonblood relative
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
