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 Topics :
- How Do CA Firms Manage Client Document Collection
- How do CA firms manage pending client documents du
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
Related Topics :
CAclubindia
