TDS on Prize Money to Winning Players
ramasubramanian srinivasan (38 Points)
17 January 2024if yes.-
1)At what rate.
2) is there any way to get exemption.
ramasubramanian srinivasan (38 Points)
17 January 2024
Arun Kumar S V
(7 Points)
Replied 18 January 2024
Hi Sir,
1) Yes, TDS under section 194B is applicable on casual incomes like winnings from lotteries, crossworld puzzles,any game of chance, etc., @ 30%, if the amount is more than Rs 10,000/-.
2) Payer is required to deduct TDS at the time of payment and the payee can get the TDS adjusted on his tax liability at the time of filing of his Return of Income.
Thanks
CMA Arun Kumar S V
B.Com, ACMA
CA Raj Doshi
(Practising CA)
(8537 Points)
Replied 20 January 2024
priyankarajput
(I am a Digital Marketer)
(48 Points)
Replied 22 February 2024
Yes, TDS (Tax Deducted at Source) is applicable on prize money for winners 1, 2, and 3 in a tournament conducted by an association. The rate of TDS applicable is 30% of the prize money. However, winners can apply for exemption under Section 10(17A) of the Income Tax Act, which provides an exemption for certain types of awards and prizes.
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