Applicability of sec 194b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 June 2013 dear sir,
i am a sub-broker of religare securities ltd. they have introduced a contest in which certain brokerage targets was fixed. I achieved the target & hence i got the prize/gift. Now company is saying that i need to pay 30% tax on the value of such gift(value of gift 12000/-). Are they justified in deducting TDS @ 30% under section 194B?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 June 2013 The chance given to you to win a prize is a free chance and is not a chance given in return for a price or contribution paid by you.
Hence deduction u/s 194B will not sustain.

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