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 )
(14916 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)
(2181 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
Recent Topics
- Tally Prime is showing license expired even after
- Income tax ltccg
- RCM missed, how to pay & claim now?
- Income Tax Refund Delay? Here's What You Should Do
- SFT-005 Transaction for Purchase of Term Deposit f
- Notice u/s 143(2) for detailed assessment
- GST ITC on Commercial Property Purchase
- Reporting Capital Gains from Fractional Share in I
- General query for search
- Prepaid Expenses entry on which GST already paid
Related Threads
Trending Online Classes
-
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
Mr.Balamurugan Ranganathan16 June 2025
CAclubindia
