Tds on prize money
This query is : Resolved
19 August 2011
What is tds rate in following case ?
1) Prize money declared by a company to cricket team.
What's the tds on prize money ?
1) Prize money declared by a company to cricket team.
What's the tds on prize money ?
19 August 2011
Hi,
It should be 30%. other experts views are welcome.
It should be 30%. other experts views are welcome.
CA Hardik Bunha
(Expert)
19 August 2011
tds will be deducted by company @ 30% from prize money
22 August 2011
TDS will be deducted by company & also Individual TDS Rate is 30% from prize money.
22 August 2011
But How? Under which section ? 30% is given U/S 194B- Winning from lotteries. However, Rate of TDS is not mentioned any where for payment to a sports team towards prize money.
Also these prize money is given to a association for sports which further will distribute to team.
How this to be treated for TDS purpose ?
Also these prize money is given to a association for sports which further will distribute to team.
How this to be treated for TDS purpose ?
22 August 2011
Hi Vipul
Section 194B says".... crossword puzzle or card game and OTHER GAME OF ANY SORT....."
Hence, any kind of game, tds has to be deducted @ 30% if prize money is more than Rs.10K. Further it says that before releasing prize money, person has to MAKE SURE that TDS deduction has happened, that means if prize money is in kind, then, tds has to pay and afterward reimbursement can be taken from winner and then release the prize.
Section 194B says".... crossword puzzle or card game and OTHER GAME OF ANY SORT....."
Hence, any kind of game, tds has to be deducted @ 30% if prize money is more than Rs.10K. Further it says that before releasing prize money, person has to MAKE SURE that TDS deduction has happened, that means if prize money is in kind, then, tds has to pay and afterward reimbursement can be taken from winner and then release the prize.
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