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 Threads
- AIS NOT OPEN
- ICICI BHARAT 22 FOF AND NASDAQ 100 FOF CAP GAIN TA
- Schdule BFLA and CFL Error regarding adjustment of
- CIRCULAR WITH RESPECT TO WAIVER OF INCOME TAX OUTS
- How does opting for 44AD impact speculative income
- New GSTR 1
- Purchase and sale of land , showroom, building
- GTA provides services to unregistered person.GST i
- TDS on Sale of Ancestral property
- Tds on transport contractor
Related Threads
CAclubindia
