banner_ad

Income from prize earnings

Tax queries 588 views 3 replies

HI

 

Agreed any Prize winning is subject to flat tax of 30 % ( + EC). 

Now a friend of mine has received a Bumper prize worth  INR 85000/-, the company has paid my friend after deducting TDS + EC.

The total taxable incomd including this prize money is less than taxable limit. 

My question is 

1.) Can he claim exemption for "Earnings from Prize money"

2.) Can he claim the TDS deducted.

 

Replies (3)

He can claim the TDS as refund provided the TDS certificate is available.

Still awaiting answers, please reply

I don't agree with venkatesh, as per section 115BB flat rate of 30% is attracted to "winning from prize money". The benefit of basic exemption is not available to the assessee in this case.

Therefore your friend cannot claim refund of TDS.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 28 March 2026
Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details
Company
Featured 14 April 2026
GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 28 March 2026
CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details
Company
Featured 13 April 2026
GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
Featured ARTICLESHIP 19 March 2026
Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details