Tds 194b

This query is : Resolved

Guest

Guest (Querist)

07 November 2012 If a person win a contest and earn Rs.200000/- cash prize and a Car ( worth Rs.800000/-)than how much tax liability arise as per sec 194B.

Plz reply with workings.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

22 November 2012 There can be two cases:

1. Where the TDS on car value is recovered separately from the winner:

Total TDS = (2,00,000+8,00,000) * 30.9%
= Rs. 3,09,000

In this case, the winner will receive the car and will have to pay Rs. 1,09,000 to the organiser.

2. Where the TDS is not separately recovered from the winner:

TDS on car = 8,00,000*30.9/130.90 = Rs. 1,88,846
TDS on cash = Rs. 61,800

Total TDS = Rs. 2,50,646

The winner will receive the car and will have to pay Rs. 50,646 to the organiser.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

JACOB ABRAHAM KURIALANICKAL

Pritanu Chakraborty

Tax Expert Group

MAYANK

Devaraj B V

Subscribe Now

Tds 194b

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant