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TDS on prize money

Vidya (Student) (789 Points)

07 September 2009

A sporting authority, say Indian Hockey federation is conducting an inter corporate tournament. Will there be TDS on prize money distributed to the winners and runners? If so, what is the rate and under what section.

Are there any Income Tax circulars in this regard?

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2 Replies

RAKESH (Almost CA) (2199 Points)
Replied 07 September 2009

30.9% u/s. 194B

Juzer Sadikot (CA - innovative solutions for Imports and Exports) (1309 Points)
Replied 07 September 2009

You may also keep in mind following;

[Payments to non-resident sportsmen or sports associations.⁷⁷

194E. Where any income referred to in section 115BBA is payable to a nonresident sportsman (including an athlete) who is not a citizen of India or a non-resident sports association or institution, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent.]

Thanks