Hii friends,
What are all the requirements/ conditions to deduct tax on gifts given to winners during entertainment programmes by television channels etc.
1 Replies
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 11 March 2008
When prizes are distributed to winners of a television programme in cash exceeding Rs.5,000.00, then, tax has to be deducted at source at 30%.
Before distributing the prize, tax has to be collected from the prize recipient and the distributor has to issue a certificate in such regard.
That in a case where the winnings are wholly in kind or partly in cash and partly in kind but the part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of the winnings, the person responsible for paying shall, before releasing the winnings, ensure that tax has been paid in respect of the winnings.
Before distributing the prize, tax has to be collected from the prize recipient and the distributor has to issue a certificate in such regard.
That in a case where the winnings are wholly in kind or partly in cash and partly in kind but the part in cash is not sufficient to meet the liability of deduction of tax in respect of whole of the winnings, the person responsible for paying shall, before releasing the winnings, ensure that tax has been paid in respect of the winnings.
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