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TMI BlogTax on winning prizesX X X X Extracts X X X X X X X X Extracts X X X X ..... Tax on winning prizes X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 2012! I recently won a bike (TVS Wego) in a lucky draw contest. The OTR price of the bike is Rs.56945/- and the ex-showroom price is Rs.48903/- which includes a VAT of Rs.6318/-. When I went to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the showroom to collect my prize, the dealer told me that I have to remit 30% tax on the ex show room price of the bike. The dealer also told me that apart from paying this 30% on Rs. 48903/-, I shoul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d also bear the VAT, registration & insurance charges and other taxes like road tax etc. Considering all this, my overall liability comes to around Rs.23000/-. I am quite doubtful whether the dealer i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s giving me the right information regarding the payment. I request you to kindly clarify whether I am liable to make the above payments as required by the dealer. Thanking you Regards Eva Dhuraira ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... j Reply By Ritesh Pandya: The Reply: Dear Dhurairaj, TDS on Winning Prizes deducted / collected and deposited TDS in Govt. Accounv become a Sponsor. and u r responsible to pay tax 30%. And Confirm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of payment of tax from sponsor no need to require by prizer winner.
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