Tds on prize money
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 August 2015
Sir,
Where a person has won Prize Money in a debate while studying of Rs.70000/- and TDS of Rs.21000 has been made. He does not have any other income. Whether refund of Rs.21000 can be made by filing a return?
Some say that No deduction under Section 80C to 80U and Basic exemption of Rs.250000 is available and 30% is a flat rate.
kindly guide me
Thanks & regards
Where a person has won Prize Money in a debate while studying of Rs.70000/- and TDS of Rs.21000 has been made. He does not have any other income. Whether refund of Rs.21000 can be made by filing a return?
Some say that No deduction under Section 80C to 80U and Basic exemption of Rs.250000 is available and 30% is a flat rate.
kindly guide me
Thanks & regards
Deepti Asawa
(Expert)
12 August 2015
No, he can not claim refund. He cannot claim deduction under section 80C to 80U and tax rate is 30% flat rate.
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