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INCOME TAX
Direct Taxation
If a person won a flat worth rupees 1 crore as winnings. Tax should be paid @ 30% na? But what if he have only an aggregate of 3 lakh in his bank account? How he is supposed to pay tax?
Answers (6)
Thread Starter
Christeena AmbelHow will he pay? Will he get a loan by showing the proof that he will get a flat? Like, if he is not having a regular income, bank will be reluctant to pay 30 lakh na?
In this case, Bank balance of the payee is immaterial. it has to be ensured by the deductor to deduct 30% before making it available to the winner ? If you are still not sure , please go through TDS provisions :)
Bavana Ravi
In this case, Bank balance of the payee is immaterial. it has to be ensured by the deductor to deduct 30% before making it available to the winner ? If you are still not sure , please go through TDS provisions :)
I mean , payer will not release the winnings without deducting TDS
Bavana Ravi
In this case, Bank balance of the payee is immaterial. it has to be ensured by the deductor to deduct 30% before making it available to the winner ? If you are still not sure , please go through TDS provisions :)
You can't deduct 30% from the flat na.. I am not talking about the provision.. I am talking about a completely practical thing
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