Tds under sec 194b
This query is : Resolved
20 March 2013
If a person receives lottery Rs.7000. then this is both gross and net amount?
i think it is both gross and net because if we gross it up then the gross is Rs.10000 and tds is deductible when it exceeds 10000 as per sec.194b.
plz clarify it whether the gross should be 7000 or 10000?
i think it is both gross and net because if we gross it up then the gross is Rs.10000 and tds is deductible when it exceeds 10000 as per sec.194b.
plz clarify it whether the gross should be 7000 or 10000?
18 July 2013
Generally the lottery amount is sent after deduction of TDS if you have received 7000 then it is after deduction of TDS and on lottery the TDS credit is not allowed.
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