If a person got gold by wining a lottery and TDS on the gold
value was not deducted by the deductor. After getting the
gold, the person tranfer the gold to his daughter. After
reading the provisions of the Income Tax Act, 1961, you are
required to state that who is liable to pay the tax on the
value of the gold? and is there any liability of the
Deductor towards non-deduction of TDS?



If a person got gold by wining a lottery and TDS on the gold value was not deducted by the deducto..

Answer / seswarca

ur liable for penalty for equal amt for non deduction of tds

Is This Answer Correct ?    0 Yes 0 No

Post New Answer

More Taxation Interview Questions

when we buy an assets a vat has been charged, under which head we show this entry according Haryana sales tax act?

3 Answers  


plz tell me calculation of service tax and tds. point by point

2 Answers  


Can anybody explain? what's consumeble items?

3 Answers  


Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.

0 Answers  


How to file the CST return and which form is use.

0 Answers   Bharat Bazar, Skyline,






what is FBT & where it is used?

5 Answers   Sunshine, Yahoo,


1· Other Mortgage Questions ?

0 Answers   Cholamandalam DBS,


what is period VAT revised return can be filed?

0 Answers  


i received commission with deduction of tds how to take entry in my books. commission Rs.90000 Tds.10000

4 Answers  


The company i approached asked me that they are registered Manufacturer to market fire extinguishers. They have both VAT & CST registration. When they supply material out of state i.e. under "C" form, to a Dealer who is also registered with CST and who can issue "C" form but for product paint. Will the "C" form issued by the Dealer be acceptable to us. What law governs, since the dealer is not registered to trade in Fire Extinguishers? In the first instance will he be able to issue "C" form at all i.e. Will the government allow him to issue "C" Form, if so under what norms? In the case that my company is the Dealer and registered for trading in Paint and we are taking Fire Extinguisher Dealership will I get set-off in "C" form for purchase and Sale. Kindly let me know on russel.raphael@gmail.com

0 Answers  


We don't have PT, s.tax registration. Our firm is 7 years old. If we want to register, what should we do? Any body can help.

0 Answers  


What is Excise & Service Tax ? What's Diffarance Excise & Service Tax ?

11 Answers  


Categories