OUR COMPANY CONDUCTED A FOOTBALL TOURNAMENT.FIRST PRIZE IS 100000/-The above will be divided between the team memebers( 18 players) and company is giging individual cheques in each players name.Whether TDS has to be deducted or not ? Kindly advice
byju
TDS should be deducted as this situation falls under the purview of 194B and 194BB. Even though the company gives cheques individually, it comes to 5555 per person, which exceeds the limit as per the above sections.
AJAY SINGH AND CO LLP
Thane
CA Final
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HKC | Chartered Accountants & Business Advisors
Ludhiana
CA
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CCI
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