194B On Prize


This query is : Resolved 

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This discussion clarifies whether Section 194B of the Indian Income Tax Act applies to a prize of Rs 1 lakh offered by a company to the winner of a TV dance show. The consensus is that Section 194B is indeed applicable. Additionally, the applicability of entertainment tax is mentioned as being dependent on the specific state levying the tax.

25 June 2024 A company has agreement with a TV channel that the company will give Rs 1 lakh to the winner of the dance show.
Is 194 B applicable. Please suggest.

25 June 2024 Yes, applicable.

26 June 2024 Is entertainment tax applicable.

26 June 2024 Depends upon the state levying the tax.

29 August 2024 Good Luck.


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