TDS ON AWARDS IN KIND

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Dear All,

My company has decalred an award on subscription of Magzine ,. The award would be in kind like Maruti car and other things. Pls specify the TDS provisions uner which we need to deduct TDS and Pls specify the while making calculation of TDS exemption of Rs. 5000 or 2500 whatever would be considered or not>

Replies (2)
The section applicable would be 194B deduction of tax at source from winnings from lottery or crossword puzzle. This section includes all the games. The threshold limit is Rs. 5000/-.
u should take tds amount from the winners in cash in case u r giving award in kind and deposit the same as Tds payable


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