Menu
tds on prize received in kind
sir, recently i won a mobile worth rs.33000 on a quizzing app.the organisers are asking to me to deposit rs.11500 approx.as tds for which they will issue me a tds certificate.will i get rs 11500 as refund?when will i get it? Im a govt servant with annual income of 360000 p.a.kindly advice
Replies (4)
they have to deduct TDS at rate 30% of mobile value.
and that value shall be given by you and you can take credit of the above amount in ITR filled
and that value shall be given by you and you can take credit of the above amount in ITR filled
Actually you will not receive back your 11500/- of TDS .
In your ITR you will show prize money 33000/- as income under income from other sources and TDS will get adjusted against the prize money income only.
Bcoz there is a flat income tax rate of 31.20% on such winnings.
In your ITR you will show prize money 33000/- as income under income from other sources and TDS will get adjusted against the prize money income only.
Bcoz there is a flat income tax rate of 31.20% on such winnings.
which ITR shall be filled for this winnings?
ITR 2
Recent Topic
- SBI direct mutual funds ITR
- 44AE Section
- FEMA compliant structure
- Tax obligation in AY 2026-27
- EFILING ITR2 FROM COMMON FILING UTILITY
- SBI gold bond interest
- PPF Interest Exempt - But what drop down to choose
- Itr2 or itr3 intraday trade 1 loss of 70 paise
- Calculation of IT
- CA FINAL FR IndAS 33 Doubt(Corrected)
Related Topics
CAclubindia
