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.
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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