Do we need to TDS on the prize won from the running competition
Tds on prize won from running competition
Avinash Jeevan Dsouza (Assistant In Charge Accountant) (3279 Points)
20 November 2023
4 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(13464 Points)
Replied 20 November 2023
What type of Competition ? , please elaborate in detail.
Avinash Jeevan Dsouza
(Assistant In Charge Accountant)
(3279 Points)
Replied 20 November 2023
Its a Marathon. Running race.
NARENDRA
(ACCOUNTS MANAGER)
(1356 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
(Assistant In Charge Accountant)
(3279 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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