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Can tds deducted under winning prize money section get refunded

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Yash Dedhiya

5 Points Posted on 18 July 2020

I won a cash prize of 3 lakhs from an national level technical event last year during my collage final year and tds was deducted at a rate of 30%. Can I get refund of the tds being deducted, if I fill ITR and my basic income falls below taxable slab. Also, if I add up the income and the cash prize received I would be falling below the tax slab.

So can I get the tds refunded?

Replies (5)

Quick Summary

This discussion explores whether TDS deducted on prize money winnings can be refunded. The consensus is that even if your total income, including the prize money, falls below the taxable threshold, you generally cannot claim a refund for TDS deducted under the winning prize money section. While filing an Income Tax Return (ITR) is mandatory and the TDS deducted provides credit, a refund is unlikely in this specific scenario.

CA Raj Doshi

Practising CA

8954 Points Posted on 18 July 2020

Prize money recieved shall be taxable at 30 % + cess. So even if you file the return, you will not get refund even if your income is below basic exemption limit.