is TDS applicable to pay prize money for winners 1,2 and 3 by a tournament conducted by an Association.
if yes.-
1)At what rate.
2) is there any way to get exemption.
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TDS on Prize Money to Winning Players
Replies (4)
How much amount...??!
Hi Sir,
1) Yes, TDS under section 194B is applicable on casual incomes like winnings from lotteries, crossworld puzzles,any game of chance, etc., @ 30%, if the amount is more than Rs 10,000/-.
2) Payer is required to deduct TDS at the time of payment and the payee can get the TDS adjusted on his tax liability at the time of filing of his Return of Income.
Thanks
CMA Arun Kumar S V
B.Com, ACMA
Also, want to add that there is flat tax @ 30% on such incomes irrespective of whether total taxable income exceeds basic exemption limit or not. So whatever tds gets deducted is actually payable to the government in taxes only and no refund is possible.
If it online, TDS deducts without limit
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