TDS-prize money

milan Tyagi (Asst manager) (80 Points)

18 January 2011  

Hi

XYZ is a Company.Candidates are employed their through campus selection.for this HR organize competetion in different institute for the hiring of candidates and prize money are given to the winners i.e 50000,25000 by cheque.however it is not necessary that the winner candidate should be selected.the purpose of organizing events is just to promote the company name and select a good candidate.

My question is TDS should be deducted on such prize money while the purpose is recruitment of best candidate. if yes, by what rate