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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?
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Answer / seswarca
ur liable for penalty for equal amt for non deduction of tds
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Sir, An Awarder make part payment to the Contractor after deducting retention money @5%. The retention money will be paid to the contractor when the contract work is fully completed. Here my question is,when the Awarder has to deduct tax on retention money, at the time of deducting the retention money or at the time of payment of retention money when the contract is completed? Here "Tax" means Income Tax, VAT, Service Tax etc. Please reply Thanking You
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