Cash Award received and TDS @10% deducted under 194R
This query is : Resolved
Quick Summary
Abhilash K
(Querist)
09 April 2024
our company received 1cr from another company as cash award for best company and they have deducted 10% TDS on the prize money under 194R. How this need to be accounted in the books of accounts.? Whether invoice need to be raised for this? what is the GST applicability and under which head we need to show this revenue
Nikhil Kaushik
(Expert)
09 April 2024
please go through this article. It should resolve all your doubts: https://surl.li/skwau
Abhilash K
(Querist)
11 April 2024
What if there is no business relationship with the award sponsor?
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