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.
Plz reply with workings.
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.
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.
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