TDS on prizes given in kind_URGENT
This query is : Open
28 January 2010
My co has participated in promotional campaign of Times of India in which prizes were gven in kind to winners.Now as per sec 194B TDS need to be deducted from prizes paid by co.So my company is liable to deduct and deposit TDS.But Times of India is saying that they will collect and deposit TDS from winners.
Is it Okay or allowed?If is okay then what kind of proofs or justification we need to take from TOI so that in future at the time of assessment it can be proved that tds was collected and paid on Goods given free to winner.
Is it Okay or allowed?If is okay then what kind of proofs or justification we need to take from TOI so that in future at the time of assessment it can be proved that tds was collected and paid on Goods given free to winner.
CA PRIKSHIT GUPTA
(Expert)
28 January 2010
According to me, your company is lible to deduct tax. because prizes are given by the company not by Times of India. so, company should deduct tds and deposit it.
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