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tds on prize received in kind

231 views 4 replies
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
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.
which ITR shall be filled for this winnings?
ITR 2


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