Tds
This query is : Resolved
16 July 2016
can 201(1A) be levied for non deduction of tds u/s 194BB for the winnings in kind ?
16 July 2016
If any winning is in kind, TDS is applicable on its market value. As such all relevant provisions will be applicable.
16 July 2016
thank you
but why is it not specifically stated so in the question given in practice manual when other related sections like 271c and 276b are specified.
but why is it not specifically stated so in the question given in practice manual when other related sections like 271c and 276b are specified.
17 July 2016
194BB is silent on TDS from prize in kind.
But there is a passing reference in section 194B when prize is partly in cash and partly in kind.
But if paid WHOLLY IN KIND u/s. 194B, 201(1A) cannot be levied. Inference is Karantaka High court decision in Hindustan Lever Ltd which can be read in https://indiankanoon.org/doc/188191320/
But there is a passing reference in section 194B when prize is partly in cash and partly in kind.
But if paid WHOLLY IN KIND u/s. 194B, 201(1A) cannot be levied. Inference is Karantaka High court decision in Hindustan Lever Ltd which can be read in https://indiankanoon.org/doc/188191320/
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