is TDS applicable to pay prize money for winners 1,2 and 3 by a tournament conducted by an Association.
if yes.-
1)At what rate.
2) is there any way to get exemption.
ramasubramanian srinivasan (48 Points)
17 January 2024
Arun Kumar S V
(7 Points)
Replied 18 January 2024
Hi Sir,
1) Yes, TDS under section 194B is applicable on casual incomes like winnings from lotteries, crossworld puzzles,any game of chance, etc., @ 30%, if the amount is more than Rs 10,000/-.
2) Payer is required to deduct TDS at the time of payment and the payee can get the TDS adjusted on his tax liability at the time of filing of his Return of Income.
Thanks
CMA Arun Kumar S V
B.Com, ACMA
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 20 January 2024
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 27 February 2024
If it online, TDS deducts without limit
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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