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Tax on lucky draw winnings
One of my client won a phone in a Lucky Draw contest. The company asked for a payment of a certain amount so as to deposit it in the form of TDS, It is now shown in his 26AS Statement. While filing his return, how would i have to show it and is that TDS Deposited eligible for refund?
Replies (1)
As per 26AS statement, you will have to declare the prize money in respective ITR, and offer to tax at 30% plus cess; which will neutralize the TDS credits!!!
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