TDS amount is Rs.232533
Open Challenge..Solve If You Can..Its Easy
Page no : 2
mounika
(semi qualified chartered accountant)
(981 Points)
Replied 12 June 2011
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
mounika
(semi qualified chartered accountant)
(981 Points)
Replied 12 June 2011
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
Mayank Kothari
(CA)
(919 Points)
Replied 12 June 2011
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)
mounika
(semi qualified chartered accountant)
(981 Points)
Replied 12 June 2011
my ans is 222480 . if wrong send me d correct ans plzzzzzzzzzzzzzzzzzzzzz
Mayank Kothari
(CA)
(919 Points)
Replied 12 June 2011
I just Replied to you Only Mounika . The Correct answer is 232533
Aparna Raja K.C
(Student)
(520 Points)
Replied 13 June 2011
But Sec 194 B says that there is no surcharge or cess then how @ 30.9% ???
Mayank Kothari
(CA)
(919 Points)
Replied 14 June 2011
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
Aparna Raja K.C
(Student)
(520 Points)
Replied 15 June 2011
Oopss.. i forgot about the crux of the matter.. was simply taken away by the calculation :P
thank you :)
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