banner_ad

tds on prize received in kind

Others 237 views 4 replies
User Avatar

6 Points Posted on 02 September 2019
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
0 Reply Share Follow
On 02 September 2019 at 18:02 Report
Replies (4)
User Avatar

525 Points Posted on 02 September 2019
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
Reply
On 02 September 2019 at 18:08
User Avatar

17264 Points Posted on 06 September 2019
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.
Reply
On 06 September 2019 at 19:06
User Avatar

525 Points Posted on 06 September 2019
which ITR shall be filled for this winnings?
Reply
On 06 September 2019 at 19:11
User Avatar

17264 Points Posted on 07 September 2019
ITR 2
Reply
On 07 September 2019 at 00:35


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
23 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details