17 November 2013
if a partnership firm gives two wheeler in lucky draw contest what will be Tds liability umder Income Tax and if he receives discount on purchase of this two wheeler then on which amount Tds liability will be there and who has to pay tax and under which section and on which amount ex showroom or discounted price. please reply.
17 November 2013
TDS will be deducted under section 194B @ 30.9 (i.e including E.C & S.H.E.C.) on the fair value of the two wheeler on the date of distribution and not on discounted price
CAclubindia
