suppose, I have yearly income below maximum limit. one day, I participate in kaun Banega crorepati and win 50lakhs.
my question is whether tds will be deducted on 50lakhs as my yearly income is below maximum limit
CHAITRI SUDHAKARBHAI KHAROD (ARTICLE) 04 December 2020
ATUL Y 04 December 2020
ayusmita (Tax consultant) 05 December 2020
Shivam RC (Student) 05 December 2020
Shivam RC (Student) 05 December 2020
CHAITRI SUDHAKARBHAI KHAROD (ARTICLE) 05 December 2020
ayusmita (Tax consultant) 05 December 2020
TDS will deducted from the kbc winning prize @ 31.2% including cess
ayusmita (Tax consultant) 05 December 2020
If any winning price cross the amount of 10000 then tds will be cut @ 31.2% including cess
CHAITRI SUDHAKARBHAI KHAROD (ARTICLE) 06 December 2020
ayusmita (Tax consultant) 06 December 2020
If you asking about your winning prize from kbc tds return then no as it's not refundable
Apart from these if you have tds from your salary or from fd or other then you can get tds refund on those things but not from your winning prize
CHAITRI SUDHAKARBHAI KHAROD (ARTICLE) 06 December 2020
Aditya Patidar 07 December 2020
Yes TDS will be applicable @ 30% +cess
It willbe deducted at the time of payment it has no relation with your income it has its own limit if amount crosses that limit tds will be deducted
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