Quiz for the week (07 Sep 2026) :
Race Ltd is engaged in manufacture of motor cars. It launched a sport cycle meant for mountain trekking on 1st January, 2026. It resorted to massive sales promotion measures for the new launch. It announced an early bird incentive scheme of one sovereign gold coin to first 100 bookings. Mr. Eswar one of the persons who availed the opportunity got the gold coin. The market price of one sovereign gold coin was Rs.1,80,000 distributed on 31st January, 2026. Eswar wants to know whether it would be liable to tax at 30% though his other income excluding this was Rs.10 lakhs?
Share your thoughts on or before 14.09.2026.