https://www.taxtmi.com/forum/issue?id=3713 Tax on winning prizes: a prizewinner was required by the dealer to remit tax calculated on the bike's ex showroom price and to bear separate charges including VAT, registration, insurance and other levies. The adviser stated that the sponsor/dealer withholds and deposits tax on prizes and that the prizewinner remains responsible for payment; no separate confirmation of payment by the sponsor is necessary, and ancillary statutory charges are payable by the prizewinner. en-us Thu, 05 Jan 2012 11:40:27 +0530 Thu, 23 Jan 2025 15:58:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=3713 Tax on winning prizes: a prizewinner was required by the dealer to remit tax calculated on the bike's ex showroom price and to bear separate charges including VAT, registration, insurance and other levies. The adviser stated that the sponsor/dealer withholds and deposits tax on prizes and that the prizewinner remains responsible for payment; no separate confirmation of payment by the sponsor is necessary, and ancillary statutory charges are payable by the prizewinner. Discussion-Forum Income Tax Thu, 05 Jan 2012 11:40:27 +0530 https://www.taxtmi.com/forum/issue?id=3713