Do we need to TDS on the prize won from the running competition
Tds on prize won from running competition
Avinash Jeevan Dsouza (Accounts Officer & In charge) (3298 Points)
20 November 2023
4 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14927 Points)
Replied 20 November 2023
What type of Competition ? , please elaborate in detail.
Avinash Jeevan Dsouza
(Accounts Officer & In charge)
(3298 Points)
Replied 20 November 2023
Its a Marathon. Running race.
NARENDRA
(ACCOUNTS MANAGER)
(2186 Points)
Replied 20 November 2023
If you win the prize , then the sponsor will deduct tds if it crosses the threshold limit.........& if you sponsor & give a prize money to the contender then you will have to deduct the tds of the winner.
Avinash Jeevan Dsouza
(Accounts Officer & In charge)
(3298 Points)
Replied 21 November 2023
WHat is the limit and under which section do we need to deduct? We are the sponsor
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