15 March 2009
I won a mobile phone on one of the TV shows. The organizer requested me to deposit the tax @ 30.9% of the advertised value of the phone, which I did and submitted the proof.
It took the organizer 3 months to send over the phone to me and the invoice accompanying the phone showed 50% of the advertised value which actually matched then current market price.
Now while filing my tax return, should I show the advertised value of the prize or the value at the time of receipt of prize?
15 March 2009
Taxation of winning from TV Games cover U/s 115BB, You won the Prize in kind and Tax with special rates have already been paid so i think no need to show the same while filing your Return
CAclubindia
