Cash Award received and TDS @10% deducted under 194R

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A company received a cash award of 1 crore with a 10% TDS deduction under section 194R. This discussion seeks guidance on how to account for this in the books, whether an invoice is required, and the GST implications. An article is provided to address these queries, including scenarios where no prior business relationship exists with the award sponsor.

Abhilash K

Abhilash K (Querist)
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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