Tax complaince on winning from game of any sort
This query is : Resolved
Rajesh Agarwal
(Querist)
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............!!!!!!
Rahul Gupta
(Expert)
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.
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Rajesh Agarwal
(Querist)
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?
Rahul Gupta
(Expert)
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.
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