Our Trust (association) conducted Lucky draw for fund raising (400 coupons of Rs.100/- each) and distributed prizes to Winners. Any permission required from any dept for conduting Lucky draw? Is there any Taxes for that ?
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Lucky draw
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There is neither Permission for Conducting Lucky draw nor tax on the amount collected by the trust for the coupons but you have to deduct TDS for mthe prize amount if the value of Individual Prize exceeds RS. 10,000
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