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TDS CREDIT RECEIPT

20 May 2021

Sir/Madam,

Can I get credit of TDS deducted on price money given by a government agency in anyway. please reply.

thanks in advance

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5 Replies

Sivaramaraju G (Learner) (2398 Points)
Replied 20 May 2021

You have to pay 30% on prize money from govt agency irrespective of basic exemption limit hence you can't get refund of TDS deducted.

May I know what kind of prize money I mean why they have given you??

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 20 May 2021

30% tax will be deducted on prize money. While filing ITR you can get credit of TDS as per 26AS

Lotus Agrawal (Practice) (1356 Points)
Replied 20 May 2021

Yes you can get the credit of tds if shown in 26AS but refund depends upon your Total Income.

Sivaramaraju G (Learner) (2398 Points)
Replied 20 May 2021

Yeah refund is subject to your total income a and rebate u/s 87A.

veerendar singh (tax consultant) (3301 Points)
Replied 20 May 2021

It would be clear only when you sit and workout total income and tax calculations.

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