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

TDS amount is Rs.232533

gift in cash is taxable @ 30.9% . gift in kind, then before releasing the winnings presenter can claim tax. if he doesnt collect tax before releasing winnings then amount of gift includes amount of tax .

tax on cash 200000 @ 30.90%=61800

tax on car 520000 @ 30.90%=160680

total tax=222480

so if wrong and also correct me

gift in cash is taxable @ 30.9% . gift in kind, then before releasing the winnings presenter can claim tax. if he doesnt collect tax before releasing winnings then amount of gift includes amount of tax .

tax on cash 200000 @ 30.90%=61800

tax on car 520000 @ 30.90%=160680

total tax=222480

so if wrong and also correct me

Hey Mounika...i consider your answer but it is wrong... because as per the condition Kingfisher can recover max.200000 from the winner i.e. Mr.X

then to that extent your answer wil change as Kingfisher has to pay rest of the TDS and thats why net TDS Kingfisher has to deposit to Government is Rs. 232533(refer Ankur's Answer on first page for the calculation)

my ans is 222480  . if wrong send me d correct ans plzzzzzzzzzzzzzzzzzzzzz

I just Replied to you Only Mounika . The Correct answer is 232533

k

But Sec 194 B says that there is no surcharge or cess then how @ 30.9% ???

Hey Aparna ....there is no education cess or surcharge for Indian Residents means companies firms individual or as such 

but for Non Residents education cess is applicable....to all and Surcharge is also applicable to foreign companies above once crore income

Oopss.. i forgot about the crux of the matter.. was simply taken away by the calculation :P

thank you :)

i agree with ankur jain