Friend Winning of 1 Crore in Cricket Game
This query is : Resolved
06 March 2021
Friend Winning of 1 Crore in Cricket Game
How would Tax be Deducted under 194B, Who deducts this Amount.
Can the Friend Transfer his Bank Account as it is Freezed .
How would Tax be Deducted under 194B, Who deducts this Amount.
Can the Friend Transfer his Bank Account as it is Freezed .
07 March 2021
If the Prize money exceeds Rs 10,000, then the winner will receive the prize money after the deduction of TDS @31.2% u/s 194B.It does not matter whether the income of the winner is taxable or not. The prize distributor is liable to deduct tax at the time of payment.
If TDS not deducted Pay advance tax/ file ITR and pay tax.
If the Prize money exceeds Rs 10,000, then the winner will receive the prize money after the deduction of TDS @31.2% u/s 194B.It does not matter whether the income of the winner is taxable or not. The prize distributor is liable to deduct tax at the time of payment.
If TDS not deducted Pay advance tax/ file ITR and pay tax.
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