VIGNESH (Manager Finance &Accounts) (327 Points)
06 February 2010We have operated a Lucky Draw scheme for consumers. Example are as follows :
If a customer buy our product for Rs.2000/- will get a coupon.
One lucky draw will be conducted and will be given the winner a Motor Bike ( Cost Rs.40000/-)
KINDLY LET ME KNOW, WHETHER COMPANY HAS TO DEDUCT TDS
Amir
(Learner)
(4016 Points)
Replied 06 February 2010
Dear Vignesh,
Yes Co has to collect money from the winner equal to 30% of the value of Bike & deposit it with the Govt. as TDS
C.Balaji
(Learner)
(1867 Points)
Replied 06 February 2010
Mr.Vignesh,
Mr.Amir is right..... Company has to collect money from the winner( i.e.30% + cess) of the value of Bike & deposit it with the Govt. as TDS....
CAclubindia
