Open Challenge..Solve If You Can..Its Easy

what about the car....you are saying that CAR is free of TDS?

You are wrong Future CA....CAR is not tax Free

Only some terms of contract cannot supercede income tax act so kingfisher is liable to pay TDS @ 30% on both cash prize and car........

Tds to be deposited:-

200000*30%=60000

             +

let x=tds

x=(520000+x)*30%

x=156000+.3x

0.7x=156000

x=222857/-

Total amount of TDS to be deposited = 222857+60000 i.e Rs. 2,82,857/-

correct me if m wrong

it will be Rs. 232533

It is calculated as below...

Value of Car = 520000

Cash = 200000

Total Wiinig Value = 720000

TDS (tax) = (720000 + tax) x 30.90% - 200000 (recovery of tax)

22480 + 0.309Tax = Tax

Tax = 22480/0.691 = 32533

TDS to be deposit with CG = 32533 + 200000 = Rs. 232533

Sorry Ankur Your answer is wrong

No Future CA, Car cannot be taken as a adevertisement expenses...it has been given to the winner as a prize

thanks for rectifying me        

what about my ans dear...????

give your answer so that all can know

Now give your answer too buddy.......

Hey Arvind Answer is Correct